Buyers Beware
The Sellers Disclosure
In most states it is required by law for the seller to fill out some sort of seller’s disclosure form that list all of the issues that may affect the home they are selling. The purpose of the seller’s disclosure is to make the buyer aware of current defects in the home like an a/c unit or appliance that is not working or possibly a previous flood or fire. Sellers should make every effort to disclose potential defects to the buyer to the extent they would want to be informed about a home they were purchasing. Disclosure laws were created to not only protect buyers, but also sellers, since the more information that is revealed up front reduces the potential for disputes or lawsuits after the sale.
In many cases, buyers get caught up in the excitement and exhilaration of their home purchase and glance over the seller’s disclosure as opposed to reading it. The seller’s disclosure tells you almost everything that you need to know about the house, but may also give you hints as to the areas you need to focus your home inspection. If the disclosure states that the washer or dryer has tripped the breaker twice, that could mean that the breaker needs replacing, the circuit is being overloaded or possibly the original panel is not adequate any longer to handle the electrical needs of the house. This is information you need to pass along to your inspector or possibly bring in an electrician to give an opinion as to the potential of needing to replace the electrical panel in the near future.
If you have problems with the breaker tripping all the time after you own the home, then the expense will be yours since the seller made you aware that there may be a problem. Sellers are encouraged by their realtor to tell everything they know about their house to protect themselves from a possible dispute over not disclosing a defect, so buyers should be diligent in reading the seller’s disclosure to determine the true condition of the home they are buying.