Sellers Disclosure

Sellers Disclosure - Act 84 of 1996

Act 84 of 1996 applies to the transfer of any interest in residential real estate consisting of one to four dwelling units. Sellers must complete the form "Sellers Property Disclosure Statement", mandated by statute.

This form is designed to assist a buyer in evaluating a property being considered. A seller must disclose to a buyer all known material defects about the property being sold that are not readily observable.

The statement discloses the seller's knowledge of the condition of the property as of the date signed by the seller and is not a substitute for any inspections or warranties that the buyer may wish to obtain. This statement does not relieve the seller of the obligation to disclose a material defect that may not be addressed on the form. The term "material defect" is defined as a problem with any portion of the property (including fixtures) "that would have a significant adverse impact on the value" or that involves an unreasonable risk to people on the land.

For complete information contact a REALTOR^®

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