Seller`s Property Disclosure Statement Pennsylvania
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Any item included in the property must be checked here (and checked if not included). Items range from washers and dryers to pool covers and smoke detectors. Any problems or repairs with the listed equipment should also be considered The short answer: Home sellers are required to inform potential buyers of any known defects in their property, including defects that may be hidden from the naked eye (such as electrical or roof problems). Failure to do so can lead to costly litigation – in addition to the cost of solving the problem itself. Unfortunately, home inspectors can and do neglect things; sometimes by simple supervision, sometimes because the problems are deep in the structure of the house and are extremely difficult to observe. That`s why seller disclosure is so important. These are exactly the topics that the State Real Estate Commission includes in the seller`s disclosure document: Each state has its own required disclosures when you sell a home, and they usually cover everything from fundamental issues such as foundation and structure to more peripheral concerns like trees and landscaping, and even household appliances. It`s not uncommon for homeowners to resist their agent`s advice on disclosure. Of course, they don`t want to compromise the saleability of their home – especially if it`s a problem they`ve already solved. However, disclosure is ultimately also there to protect the seller. It is a kind of watershed for everything else and includes both privileges and issues with title deed.
In other words, if for some reason you are not fully and legally allowed to sell the property, you should note it here. Many homeowners may wonder what`s going on if they don`t disclose it. It should be noted that because the stakes in real estate are so high, litigation is quite common. If you don`t reveal something important about your property, it`s very likely that you`ll either need to reach an agreement (meaning you`ll have to pay to fix the problem) or hire a lawyer. The form asks you, the seller, about your level of knowledge and education in the fields of engineering, architecture and other areas related to the construction and design of the property. This means that if you are an architect or engineer, you are bound by a much higher standard of disclosure than, say, a hairdresser. After all, you couldn`t credibly say that you didn`t know anything about the twisted foundation if you were an engineer. What we`ve added should give buyers detailed information without burdening sellers. Details about repairs and service are now being queried, such as. B is the name of the person who performed the service or repairs.
Questions have also been added or modified to draw the parties` attention to items that may not be able to be sold with the property, such as. B, rented solar panels and systems that can be shared with neighboring properties, such as. B septic tanks or walkways. Under section 7311 of the act, a buyer has two years to take legal action for a disclosure issue — so if you don`t want to sweat for 24 months, it`s best to be responsible and disclose what you know. Ultimately, seller disclosure laws help reassure buyers that they understand what they are buying, while protecting sellers from unwarranted litigation. In Pennsylvania, sellers have a long list of required disclosures. The peculiarity of this condition is their standardized form and an “expertise” clause that may affect your future liability. Disclosure also distinguishes between defect (required) and normal wear and tear (not required). A device or feature that is nearing the end of its useful life will not be considered a defect. If you`ve had your HVAC system for 17 years, you know it will probably need to be replaced soon. While this is useful information for the buyer and helps determine the overall value of the home, it is not regulated by disclosure laws. If you do not currently occupy the property, you will need to note why.
This may mean that the house was vacant, was rented or if the property is an inheritance. Even if you haven`t lived in the house, you`ll need to fill out the form to the best of your knowledge and beliefs, which may mean you`ll need to access all existing repair/maintenance records to see if you can fill in the gaps. Do you have questions about what you need to disclose? Contact one of our experienced listing agents today. You would be happy to answer any questions you may have about Pennsylvania`s disclosure statement. If you live in a flood zone or wetland, this is the perfect place to disclose it. Seller disclosure extends to other uses of the property that would affect an owner`s experience. You should note all border disputes (p.B. if your neighbor claims that your fence is on their land, etc.). If there is a common area, such as a driveway or dock, you will need to both note the area and specify an existing maintenance contract you have with other owners. The court referred to the state`s requirement that only “material defects” be disclosed. It is clear that ghosts and psychological damage are not significant and therefore not covered by disclosure laws. You will need to indicate if your property is a condominium, co-op or HOA (if it is an HOA, you will need to note the amount of the annual or monthly fee).
So, if you`re selling in Pennsylvania, it`s worth reviewing and verifying the required disclosures of Pennsylvania state law. In other words, the disclosure statement is not a guarantee. Let`s take a look at some of the disclosure requirements you face when selling a home in Pennsylvania. “I`ve never come across a house without any problems,” says Sitzpai. “The owner has a responsibility. If something goes wrong and it can be identified as a long-standing problem, and they go back to disclosure and find that it has not been disclosed, there may be problems. It is best to disclose it, because while disclosure protects the buyer, it also protects the seller. “Each state has a unique set of disclosure requirements. In AP, you are not required to disclose the presence of unsavory neighbors (no matter how noisy they may become), deaths that have occurred in the home, crimes that have occurred in the home, or paranormal activities. If you know that your home has something like an extended floor – which can create fundamental problems for homes, even if it`s not yet – you need to write it here. This article also applies to property rights, in particular with regard to natural resources.
For example, if there has ever been a transfer or rental of oil or wood on the property, you should note this. Whether or not you are to blame depends on the new owner`s ability to prove that you reasonably knew there was a problem with the property. If there has been water damage on a wall and you have tried to paint on it to hide it, it can be used as evidence against you. A claim can also be made with information from your neighbors, insurance claims, and even utility bills. If your home was built before 1978, the seller and buyer must sign a lead paint declaration stating that lead paint may have been used on the property. This is a federal law that applies to all states. I would like the seller`s disclosure to have questions about solar panels. They become a bit of a problem when they are transferred to new buyers. Pennsylvania law requires sellers to disclose “known material defects,” which they define as a problem that cannot be solved with simple maintenance.
In principle, it must be a material defect to be a serious problem. You don`t need to write on the disclosure form: “You have to move with the toilet handle on the ground floor so that sometimes it stops working.”