Saturday, October 21, 2006

Property Condition dislosure forms

I have seen this tip before and would like to let you know that it is dangerous. Some well meaning people say never to sign a property condition disclosure form about the condition of your property because it will cause a possible law suit if there is a problem with the property. I say who cares, sign it anyway.

That seems like crazy advice doesn't it. Well look at it this way. If a buyer is going throught the forms to buy your home and sees that you have declined to sign a property condition disclosure form then the first thing they are going to think is that you are hiding something. maybe you are , maybe you are not but the point is the offer will probably now come and in this market it is important to make the buying decision easier for potential home buyers.

What is this property condition disclosure form anyway? The form usually will just say that as far as you are aware there are no structural, plumbing and electrical problems with the home that you are selling. Hardly controversial. In quite a few areas of North America you have no choice as a home seller but to sign the property condition disclosure form at the time of listing your property and as a for sle buy owner not signing would make things much more difficult at the lawyers office at closing for the buyers of your home