This form is a Seller's Disclosure Statement for use in a residential sales transaction in Vermont. This disclosure statement concerns the condition of property and is completed by the Seller.
Vermont Residential Real Estate Sales Disclosure Statement
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Key Concepts & Definitions
Residential Real Estate Sales Disclosure Statement: A mandatory document in many U.S. states that sellers must provide to buyers in a real estate transaction. This document outlines any known issues or defects with the property. It aligns with the code of ethics in the real estate industry and ensures buyers are aware ('buyer beware') of what they are purchasing.
Seller Disclosures: Information provided by the seller regarding the condition of the property, including any known defects or issues. These are vital to ensure transparency and prevent future legal issues.
Step-by-Step Guide to Completing a Disclosure Statement
- Gather Information: Review the property thoroughly and note any defects or potential issues including those related to state and local regulations.
- Consult Professionals: It might be useful to hire a professional to inspect the property and ensure all potential issues are noted.
- Complete the Statement: Fill out the disclosure statement, being as detailed and truthful as possible to comply with the code of ethics.
- Review for Compliance: Ensure that the disclosure meets all state and local requirements.
- Provide to Buyer: Deliver the completed disclosure statement to the buyer, often before the agreement is signed.
Risk Analysis
- Legal Risks: Inaccurate or incomplete disclosure statements can lead to legal actions against the seller.
- Financial Risks: Failure to disclose real issues might lead to post-sale financial liabilities for repairs and damages.
- Reputational Risks: Not adhering to a high standard of disclosure can affect a sellers reputation in the real estate market.
Key Takeaways
Contact Information: Always provide current contact information in the disclosure for any follow-up questions.
Real Estate Trends: Keeping updated with real estate trends, including state and local codes, is crucial. Continuous education in real estate helps professionals stay compliant and ethical.
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FAQ
Once you and the buyer have signed a written agreement for the sale of your property, you must deliver a copy of your completed disclosures to the buyer within five business days.
If a seller fails to disclose, or actively conceals, problems that affect the value of the property; they are violating the law, and may be subject to a lawsuit for recovery of damages based on claims of fraud and deceit, misrepresentation and/or breach of contract.
Generally, sellers complete real estate disclosure paperwork after the buyers sign the purchase offer agreement or may even have it filled out prior to listing their home. There's no official deadline for delivering the form but it's expected to be provided to the buyers in a timely fashion.
California's Especially Stringent Disclosure Requirements Sellers must fill out and give the buyers a disclosure form listing a broad range of defects, such as a leaky roof, deaths that occurred within three years on the property, neighborhood nuisances such as a dog that barks every night, and more.
Under California law, all material facts that affect the value or desirability of the property must be disclosed to the buyer. There is no specific definition or rule on what is considered to be a material fact.
(2) The disclosure or disclaimer statement shall be delivered to each purchaser before the execution of the contract of sale by the purchaser in the case of a land installment contract, as defined in § 10-101 of this title.
In general, you have an obligation to disclose potential problems and material defects that could affect the value of the property you're trying to sell. In addition, it is considered illegal in most states to deliberately conceal major defects on your property.
In the simplest terms, a Seller's Disclosure is a document a potential buyer receives in order to know what condition the property is in. It contains about 100 questions and it will take you 20-30 minutes at most to complete.You're not required to have this document ready until your home is under contract.
Whenever you sell real estate, you are obligated to follow local mandatory disclosure laws. This involves informing the buyer about specific hazards or problems affecting the property before the sale is completed.