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Sellers Property Condition Disclosure

Beginning on March 1, 2002 every seller of one to four family residential housing - whether they be broker assisted or for sale by owner - will be required to provide a completed property condition disclosure statement to potential buyers.

This is a statement of certain conditions and information concerning the property known to the seller. This disclosure statement is not a warranty of any kind by the seller or by an agent representing the seller in this transaction. It is not a substitute for any inspections or tests and the buyer is encouraged to obtain his or her own independent professional inspections and environmental tests and also is encourage to check public records pertaining to the property.

A completed form must be provided to the buyer before the buyer is bound by a contract of sale. While the seller must complete the disclosure form without assistance from a real estate agent, agents do have certain duties under the new law. These include:

  • Listing agents must educate their seller clients about the law.
  • Buyer agents must educate their buyer clients about the law.
  • Listing agents and sub-agents must educate customers about the law.

Other key provisions:

  • The form may not be altered or amended since it is set by statute.
  • A copy of the completed form must be attached to the contract.
  • 500 credit to the buyer at closing for seller's failure to provide the completed form.
  • Does not apply to new construction, condos and co-ops.
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