Three Tips When Buying Residential Real Estate Without a Seller’s Disclosure Statement.

The Real Estate Minute: No Seller’s Disclosure?

The Seller’s Disclosure: An Essential Part of the Deal

What is a Seller’s Disclosure Statement (the “Disclosure Statement”) in the context of a residential property purchase? It is a printed form document, usually available to real estate agents through the local board of realtors, that sellers are to complete, containing a list of questions regarding the condition of the property they are selling. The intent of the Disclosure Statement is to make it easier for the seller to fulfill its obligation of disclosing hidden defects at the property of which the seller is aware.

Yes, that’s correct — it is a seller’s DUTY to disclose hidden defects at the property of which the seller is aware. What is a hidden defect? Generally, it is a problem unlikely to be uncovered by buyer’s diligent property inspection.

It has become an unfortunate trend for sellers to say they are not completing a Disclosure Statement because either (a) they have not recently lived in the home, (b) the home is an investment property, or (c) they have lived in the home for only a short period of time. Buyers wonder whether any of these are legitimate bases for not completing…