Part 3 of 12
We are continuing in our multi part series directed to sellers. Theres a ton of information that an informed seller should know about the process, and this multiple week series is specifically for that. I believe knowledge is power and facts are always your friends when making decision.
What is a Disclosure
Simple answer for this is, a disclosure is merely a legal way to officially disclose information to interested parties. Its a way for sellers and buyers to give each other facts they may need and to document legally that its been done. The Residential Property Owners Disclosure (RPOD) is a form filled out by the seller and presented to the buyer to give specific details about the home.
All residential sales require this disclosure, even if you are doing for sale by owner. Its a required form that must be completed. This is a form that the listing agent can advise and guide sellers on, but the sellers must complete the form on their own.
What is Disclosed
In the RPOD, the seller is giving the age of systems in the home, known issues such as leaks, septic issues, HOA info, additions and non-permitted spaces and the list continues. There’s a great deal of knowledge that a savy buyer would want to know, and this document provides those.
3 possible answers
There are 3 potentail answers that a seller can give to the buyers. Mis-representation (giving false info) is a big deal and should be taking seriously becuase there are legal implications if you aren’t truthful. The answers include YES, NO and NO REPRESENTATION. No representation is stating the buyers should do their own research about the property and discover the info on their own. NC is a “caveat emptor” state. This means “Buyer Beware” and its the responsibility of the buyer to find those facts.
Higher Standard
As a licensed agent, I am held to a very high standard. No Representation is not an optiopn for agents. If I know (or reasonably should have known) I must disclose. This means I can not withhold information from the buyer and their agent.
More coming down….
This is only part 3 in the series. We are going to be hanging out in this series for a while, so if you have questions about this or something you want us to drill down on, then its as simple as a question to me. I’d love to help you. Until next time-Welcome Home!
Chris Whitehurst
Berkshire Hathaway
252-312-2263