Sellers Disclosure – A BUYERS PERSPECTIVE
There are many details which require buyer(s) to make decisions prior to making an offer on a home. In a fast-paced market, such as Rapid City and the surrounding areas, there will be pressure to make those decisions quickly. Pressure can be self-imposed, from a must move situation due to an expiring lease, job changes, lack of homes in a price range, etc.
One of the key components of buying a house is when the Sellers Disclosure is presented, you are asked to sign saying you understand and accept the information in the document. If there is a lack of information and/or if you are not familiar with what should be in this document contact someone who is familiar with that information.
The Sellers Disclosure is the seller(s) written response to questions required to be answered by the State of South Dakota when offering their home for sale to a potential buyer(s). As always, a sample form is posted on this site for buyer(s) and seller(s) to review.
All forms need to be read from the top down. It is common to want to skip to detailed sections about the home. While these are important, the basis for how a buyer is to use the information is located at the top of the form. If the form and its purpose is not understood, how do you know the benefits and cautions about the information provided?
The key to working with a Sellers Disclosure is to take notes as you are reading the document and write down specific questions. These can be provided to the Seller for additional clarity and history about the home.
While your agent may call the Seller to get clarification prior to having you initial and sign. These questions should be included with your Purchase Agreement, asking for a written response from the seller.
While not all the aspects of the Sellers Disclosure are covered in this discussion. Hopefully this will provide you with a basic understanding, and provide you with the confidence to ask questions in other areas as you work through the home buying process. Feel free to contact me directly for further discussion or assistance, 605-381-1665.