Gary Woltal's Blog

Great sign to get your point across, Gary.   New seller's disclosure forms but it's all good.

Gary, I love the section about having to disclose whether the property had ever been used as a meth lab. Like they're gonna confess??

Gary, I'm not familiar with the short form.  We use the 5 page disclosure. 

Ricki: I love pictures to draw attention to a subject.

Linda: Next, they'll be asking if you have firearms under the bed!

Marchel: If you want to go brief (not recommended), the TREC form off their site is three pages.

One great way to solve many issues in advance is to do a PRE-LISTING Inspection ... get the items addressed up front.  Yes it is an expense that many will frown upon but the end results are that a good inspector will find the problem any way, might as well be up front about it

Gary

We have one in Michigan too. If its not signed by both parties we don't have a binding contract. 

Gary,

Seller disclosures should be done honestly to avoid potential future legal action. They serve a purpose in keeping the transaction as clean as possible. One thing is worth remembering; seller can only disclose something he is aware of.

Gary-You are right.  The seller disclosure's are so important.  I remind my clients that if they think of anything later, to make sure they disclose, disclose, disclose.  It's not worth it to be deceiving. 

I am convinced that some real estate agents coach borrowers on this document.... i have heard some stories...

sadly

We have a seller's disclosure form through our firm and we are required to have the owner fill the entire NCR form to submit our listing.  I worked with an agent from another company and she said she advised her client not to fill it out.  That was surprising to me.  This is very important to the consumer.

Nevada has two pages of questions, and sellers can be liable for triple damages plus attorney's fees if they do not disclose something that they were aware of. When one of our sellers has a question about disclosure, we always tell them to disclose and let the buyer make the decision on whether or not it is an important issue.

Allen: An inspection up front would save the hassle on the other end.

Terry: Agreement by buyer or seller on condition of the property makes for smooth sailing.

Esko: I think the intent on disclosure is revealing everything you know. If there's something you didn't know you're not witholding anything.

Julie: It sounds like the 'open kimono' policy!

Tom: Real estate agents always want to coach don't they??

Pat: Some amazing inconsistency between agents.

John: In Nevada tell the truth, or find a tree and get a rope!

Gary,

Honesty is up there on my list.  Do the right thing.  If you aren't honest, doing the 'right' thing.... it will come back to bite you.  Good post.

I believe that some people really think "Truth or Consequences" are about 74 miles away, and not right on their front porch.

How truth and ethics become "relative" to some people is beyond me. I've even heard for a very small minority of Realtors that the Code of Ethics are merely "guidelines" of how far you can push the boundaries. Amazing!

Hi Gary, I have been reading through your articles and this one really hit me. I seem to try and try to educate sellers on the necessity of disclosure. Although it seems as if some people believe that if they just don't think about it then it isn't true. All we can do is our best and if we "know", even if it isn't disclosed by the seller, we must jump out and tell it like it is! Thanks for the article. Deb

Deb, yes to be upfront with all the facts either by the Seller or the Realtor is the right thing to do.

Deb, yes to be upfront with all the facts either by the Seller or the Realtor is the right thing to do.

Howdy Gary

You have written a very good article about the disclosure form.

Do any of the home inspectors in your area ask if theres a copy of it for them ?

Have a good one

Dale

HI Gary,  good information as always.  :)  I would love to be able to rely on the Sellers Disclosure but we insist on inspections too... as Im sure most agents do.. to protect our buyers, and thereby protecting ourselves.  in a society where a lawsuit can be opened at the toss of a hat.. it has to be DISCLOSE DISCLOSE DISCLOSE.   have a great week.  :)

Dale: The home inspectors can get a copy of the Seller's Disclosure from the Realtor in our area.

I was wondering what is the most legal action could be taken against the realtor if they knowingly falsify the disclosure.  Loss of license?

Ray: Yes, a Realtor can lose their license for Ethics violations. They also can be sued for any damages as the result of their infractions.