Disclose? But What?

disLatent defects. We need to have our Sellers disclose any latent defects: that is anything that can’t be seen by the naked eye.  However, it is best to disclose any and everything, the reason being that even if it can be seen by the naked eye…heaven knows someone will say…I didn’t see it or the REALTOR rushed me through the property, or some other ridiculous reason.  In reality, by law, the disclosure doesn’t have to be in writing but you know how that goes: he said, she said…so put it in writing!

Remember that if there were repairs, a long involved paragraph is not necessary.  I have asked some Sellers, about something they put in the Seller’s Disclosure and their answer is…..”My REALTOR filled it out”.  That’s where, if I were in my office, I would  pound myhead on desk head on the desk. If you don’t remember anything else: YOU don’t fill out the Seller’s Disclosure. …that’s the reason it’s called a Seller’s Disclosure.  You can counsel them to keep their answers short and sweet.  Or explain several areas if need be, but NEVER do it for them.  Explain the importance of the disclosure… it can survive the closing if they failed to disclose and they can be liable.

Also please remember this is only applicable to residential sales…..not commercial.  Commercial is: Let the Buyer Beware and they need to do their own due diligence.

So my fellow REALTORS, please be good to each other…until next week!!

Monday Mornings With Matey

This entry was posted in 2016 President, Hot Topic, Risk management and tagged , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s