The Owners Property Disclosure

Your owner's property disclosure is your opportunity to protect yourself against claims made against you of items that were "latent" or "material" defects in the home that the buyer was not informed about.   A  material defect is a specific issue with a system or component of a residential property that may have a significant, adverse impact on the value of the property, or that poses an unreasonable risk to people. A latent defect is a fault in the property that could not have been discovered by a reasonably thorough inspection before the sale. Examples might be that a seller is aware that the basement floods during periods of heavy rain, but unless the inspector is examining the home during a rainy day, they may not discover that fact.  Disclosure is a powerful tool for a seller to ensure that they will not be held liable for future damages or loss of value to the home. Your Realtor will advise you as you review the Property Disclosure, what types of information are critical to disclose.