What is seller disclosures?
What is the purpose of seller disclosures? Seller Real Property Disclosure or SRPD is a five-page form. The seller of a property fills it out when putting a house on the market for sale. This document allows the seller to disclose any known defects to the property that would affect the value of the home.
Is a seller disclosure 100% accurate?
However, many times there are defects that the seller may not be aware of when filling out the SRPD. Understanding that the SRPD only requires the seller to disclose known defects. This makes it even more essential for the buyer to get a home inspection from a licensed professional during the due diligence period to discover unknown defects.
What if the seller hides known defects?
Furthermore, according to Nevada law, attorney fees, court costs and three times the amount of damages or replacement costs can be due to the buyer if a seller knowingly omitted a known defect in the property. It is crucial that a seller is honest and forthcoming with any defects in their property to avoid future litigation.
Above all, seller Disclosures are just one small part of the transaction as a whole. Communication between the buyer and seller is vital throughout the deal to allow all parties to strive toward the same end goal. Having a trusted professional in your corner to help you as the buyer or seller is one of the most valuable decisions you can make. http://thereallasvegas.com/fsbo-whats-that/
Lastly, defects that have been repaired during your ownership of the home do not need to be disclosed. The reason? They are no longer defects if they are repaired. The SRPD only requires currently known defects to be disclosed. The goal of the SRPD is not to punish the homeowner for having a leak under the kitchen sink 5 years ago. It is to protect the prospective home buyer from purchasing a home in disrepair.