One of the significant changes in Nevada Law in 1996, includes a requirement the every home owner transferring real property must present a written Sellers Real Property Disclosure to the buyer for his/her review (whether they are represented by a Realtor or not). The law further requires the buyer to have this form in his possession no less than 10 days prior to the close of escrow. The Sellers Real Property Disclosure is the owners written testimonial, giving answers to a 2 page questionnaire on the condition and status of the property being sold. The owner is instructed on the form to answer in a truthful manner to the best of their ability.
Example: Have you ever had problems with the roof?
Are you aware of any additions or changes to the original structure? If so, were all necessary permits obtained? Wouldn’t it be nice to know this one!
It gets very specific and there is a hefty penalty for sellers that do not answer in a truthful manner. What penalties? How about this one….escrow closes, the buyer discovers the seller lied and can prove it. Now that seller can be held responsible for up to 3 time the cost of any repairs in question! Think you may want to get that one right?