Sellers!
| Real
Property Disclosure |
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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?
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