When purchasing a property, one of the most important documents you will come across is the seller disclosure statement. This document outlines the condition of the property and any issues that the seller is aware of. The purpose of this is to give buyers an overview of what they can expect from the property before they make their final decision.
But, is the seller disclosure of property condition noted under the agreement of parties? The answer is yes. In fact, it is a legal requirement in most states to provide a seller disclosure statement.
The seller disclosure statement typically includes information on the property`s physical condition, including any defects or issues that could affect its value, safety, or function. This may include information on the property`s roofing, electrical, plumbing, heating, and cooling systems, as well as any previous or current pest infestations, water damage, and other issues.
The agreement of parties usually refers to the purchase agreement between the buyer and seller. This agreement outlines the terms and conditions of the sale, including the price, closing date, and any contingencies. One of the most important contingencies is the inspection contingency, which allows the buyer to hire a professional inspector to assess the property`s condition.
If the inspection reveals any issues that were not disclosed in the seller disclosure statement, the buyer may be able to negotiate repairs or a lower purchase price. However, if the seller has already disclosed all known issues, the buyer may have little room for negotiation.
In some cases, a seller may try to hide or downplay certain issues in order to make the property more attractive to buyers. This is illegal and unethical, and if discovered, can lead to legal action. That`s why it`s important for buyers to thoroughly review the seller disclosure statement and conduct a thorough inspection before closing on a property.
In conclusion, the seller disclosure of property condition is a legal requirement in most states and is noted under the agreement of parties. Buyers should carefully review this document and conduct a thorough inspection to ensure they are fully informed about the property`s condition before making a final decision. By doing so, they can avoid potential legal and financial issues down the line.