So. Much. Paperwork. What even is it that you are signing? For this part, we will talk about the disclosures that are pertaining specifically to your property. There are two forms you will fill out- the Transfer Disclosure Statement (TDS) and the Seller Property Questionnaire (SPQ).
These forms have to be filled out by the sellers. Us Realtors cannot influence or tell you what to specifically write down. If you have any hesitation about what to put, it is recommended to consult a Real Estate Attorney. However, it is recommended to disclose ALL material known facts or defects about the property. Also, your idea of defects or facts may differ from what the buyer sees as a fact or defect. So put yourself in the buyers shoes. What would you want to know about the property if you we buying it?
The SPQ is 4 pages and has 13 subjects with multiple questions about each subject. It has YES or NO options. When you check yes to any of the boxes, be prepared to write down a detailed description. Don't be vague. These disclosures are a protection for you. The TDS is 3 pages. It focuses more on checking what items are part of the home (ie. dishwasher, sprinkler system, etc) and if they are in working order. It also has similar questions as the SPQ. Additionally, since it is best to be as detailed as possible, we recommend taking advantage of the Addendum to the TDS & SPQ. This is a form that has extra space to write all of your explanations.
In part 2, we will discuss the other "general" disclosures that are signed when selling a property. These are what makes up most of the pile in the disclosure packet.
