How does a seller disclose everything they know about a property? What should they disclose? What must they disclose? How does all that work? Find out the answers to this and much much more in this special class on Seller's Property Disclosures.
In this class you'll learn:
- What is a Seller's Property Disclosure (SPD)?
- Who completes the SPD?
- Do sellers need to do research or walk their property to fill out the SPD?
- What are the consequences of failure to disclose a known material defect?
- Does a seller need to disclose adverse material facts (on the SPD or otherwise)?
- Even though an agent represents the seller, are there times they must disclose info about a property that could hurt a seller?
- Do you need to disclose info about other nearby properties?
- Who gets to see the SPD? Is that limited to during the sale? Or, after the sale as well?
- What determines whether something is included or excluded with the sale? Does a seller need to disclose info about items they plan to exclude from a sale?
- Source of water... do you disclose it on the SPD or elsewhere?
- Do real estate brokers warrant or guarantee info about the property on the SPD?
- Should you get an inspection?
- Does a well filled out SPD substitute the need for an inspection?
- What should a buyer do to fully evaluate a property?
- Do sellers need to disclose what they "should have known"?
- Does seller need to make sure that the property will fit the intended purpose or use of the property for the buyer?
- How to protect a seller from SPDs on properties they've sold
- How to protect buyers from info sellers may have forgotten that they previously had knowledge of
- A simple tip that will help your inspector help you
- What if the SPD changes while I am selling a property?
- Do I need to update a SPD when we go under contract?
- What if something comes up after we go under contract? Do sellers need to disclose that?
- What if this new disclosure happens after the inspection?
- Aren't all properties sold "as is", "where is" and "with all faults"?
- Recommended contract dates and deadlines for SPDs
- What if a buyer wants to terminate based on the SPD? Can they get their Earnest Money back?
- The pros and cons of sellers providing SPDs prior to showings
- Examples and case studies of actual SPDs
- Plus much, much more...
Duration: 1 hour and 40 minutes
Recorded: September 9, 2020
Instructor: James Orr