Property condition disclosure.
The property condition disclosure is a form that’s about five or six pages long containing questions about different items on your property. It asks about items such as the electrical, or plumbing, or heating and air systems. It asks if there is a problem, or if there has ever been a problem with any of them. You need to go through all of these questions and answer them all just as truthfully as you can.
If you have a question or a doubt about something, I personally feel that it’s better to over-disclose then to under-disclose. I have never seen a transaction fall apart because of over-disclosure. I have, on the other hand, seen hurt feelings once or twice because of perceived under-disclosure. So if if there is anything that you would want to know if you were the buyer of the house, then you need to put it on there. Even if you don’t know whether something is important or not, go ahead and disclose it on that sheet of paper
Make some copies of this completed disclosure sign it at the bottom. Make some copies and keep them handy. I would not leave a stack of copies on the dining room table, because everybody feels compelled to take one. You really don’t need to give anybody one of those unless they are about to make you an offer on the house.
Send me a copy of the disclosure in PDF form and I will see that it is placed on your listings media page
Exemption if not live there.
If you have not resided at the property in the last three years then you get to sign what is called an exemption a Property Disclosure exemption states that you haven’t lived there there are a couple of the choices that explain how you acquired the property but this is just a quick couple of three page form that lets you sign that you were you’re not going to sign the long form and this is what you would give to somebody to to fulfill the law prior to their making you an offer if you did not have a property is standard Property Disclosure to give them
LBP disclosure.
Federal law mandates that Sellers of housing constructed prior to 1978 must complete certain Lead-Based Paint Disclosure requirements. These forms should be completed before the Buyer makes an offer, and certainly before the Seller accepts a purchase offer, otherwise the Buyer may not be obligated under any contract to purchase such housing.
Have one of these stapled to property disclosure where ever you have them available.
The Seller needs to say that he knows or he doesn’t know of any lead-based paint in or on the house. The Buyer needs to say he cares or he doesn’t care.
Buyer and seller sign. Buyer’s agent and listing agent all sign.
Fact/rate sheet about the house
Look around in your area for lenders, mortgage companies or mortgage brokers. They sometimes have or have access to software that takes a home listing and prints out a couple of loan product details based on different down-payment amounts, and showing hypothetical monthly payment amounts.
This is a wonderful thing to have the lender use your house address and your asking price to work up such a sheet. People who come to see your home, whether it’s an open house or just an appointment, like to have a souvenir to take home with them. One of these would be an excellent item to accompany a fact sheet on your home. After someone has looked at a few houses, they start to run together in their memories, so this would be to your advantage.
My guy in this geographic area is Hal Tennant, but you will find someone equally capable in your area who is willing to do the amount of work involved to make this item. A side benefit to the lender is the exposure that he/she gets from the fact that they will have their picture and contact info on the form as well.
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Broker Don Martin, founder and CEO of Martin Properties, besides helping hundreds of FSBOs save thousands of dollars, also delivers seminars, keynotes and motivational messages to real estate and sales professionals. His 30+ years of experience in sales, marketing, real estate, promotion, management and technology has empowered thousands to expand their knowledge and achieve their goals. Connect with Martin Properties on Facebook, TheReasonableRealtor.com, MLS-TODAY.com or Amazon.com.
