Property Disclosure StatementsPosted: September 5, 2017
One of the documents that is required by the State of Alaska in any property transaction is a property disclosure statement. One more packet of paper, I can hear you moan, but this is a very important one for both buyer and seller.
As a seller, you should give as much detail as possible about repairs, remodels and age of mechanicals. Why? Quite simply so that you have a defense if something repeats itself. By disclosing a repair item, you are giving your buyer the opportunity to either accept it or not. Failure to disclose a material defect in a house is one of the most common (and costly!) causes of after sale lawsuit.
If you are buying a home, this should answer a lot of questions. Is the toilet prone to freeze ups? Does the roof leak? Does the boiler shut off in windstorms? Is the refrigerator or dishwasher included in the sale?
Failure to actually read these documents can be very costly. And waiving these documents are foolish for everyone involved.
If you are a seller and would like a blank disclosure statement I would be happy to provide you with one, even if you are trying to sell your home yourself. Give me a call at 907-304-2871!