SELLER V LISTING AGENT DISCLOSURES SELLER DISCLOSURE Residential

SELLER V LISTING AGENT DISCLOSURES

SELLER DISCLOSURE • Residential Property Disclosure Act • Federal Lead Based Paint Disclosure

RESIDENTIAL PROPERTY DISCLOSURE ACT 1. Property Condition; Mineral Rights 2. Adjacent Parcels 3. Historic District 4. Resource Protection Area (CBPA) 5. Sex Offenders 6. Dam Break Inundation Zone

RESIDENTIAL PROPERTY DISCLOSURE ACT 7. Stormwater Detention Facilities/Maintenance 8. Wastewater System/Maintenance 9. Solar Panels 10. Special Flood Hazard Areas 11. Conservation/Easements 12. Community Development Authority

RPDA AFFIRMATIVE DISCLOSURES 1. Military Air Installation 2. Defective Drywall 3. Pending Building or Zoning Violations 4. Previously Used to Manufacture Methamphetamine 5. Tourism Activity Zone – Permissive

LEAD BASED PAINT DISCLOSURE • Built before 1978 • Provide “Protect Your Family From Lead in Your Home” Pamphlet • Disclose known info on lead based paint or lead based paint hazards • Lead Disclosure Form

AGENT DISCLOSURES “A licensee engaged by a seller shall disclose to prospective buyers all material adverse facts pertaining to the physical condition of the property which are actually known by the licensee. ”

MATERIAL Something is material if it could affect the decision of a reasonable person about whether to buy.

ADVERSE FACT Something is an adverse fact if it is negative and true. Adverse facts are not necessarily as bad as defects.

PHYSICAL CONDITION • Physical condition of the land & any improvements • NOT: • matters outside the boundaries of the land or relating to adjacent/nearby properties, • matters relating to governmental land use regulations, and • matters relating to highways or public streets

AGENT DISCLOSURES • Material • Adverse Fact • Physical Condition • Actually Known

QUESTIONS AND ANSWERS My seller client told me that the roof is leaking in multiple places and the living room carpet is routinely soaked during rainstorms. Must the seller disclose this condition on the Residential Property Disclosure Statement?

QUESTIONS AND ANSWERS The seller does not have to disclose this, but the listing agent most likely does.

QUESTIONS AND ANSWERS For efficiency should the listing agent disclose material adverse facts pertaining to the physical condition of the property on the Residential Property Disclosure Statement?

QUESTIONS AND ANSWERS No, the Residential Property Disclosure Statement is for seller disclosures. Agents putting disclosures on this form can create confusion.

QUESTIONS AND ANSWERS Does the seller really have any disclosure obligations? Isn’t the Residential Property Disclosure Statement just a list of disclaimers?

QUESTIONS AND ANSWERS • 12 “Disclaimers” • 4 Affirmative Disclosures • Military Air Installation • Defective Drywall • Pending Zoning/Ordinance Violations • Methamphetamine