What is a Massachusetts Seller’s Disclosure Statement?
The Massachusetts seller’s statement of property condition is a form that many Massachusetts Real Estate companies require their agents to have the seller sign.
Massachusetts, however, does not require these forms to be filled out as part of a Real Estate transaction, so it is up to the individual company to decide if they will use them or not.
Quite simply, the form details everything a homeowner may know about the property when they have owned it.
Within this form, you will find questions on everything from the lot and zoning to all the structural components in the home, including heat, electrical, plumbing, roof, etc.
It is no secret that in Real Estate, you are supposed to disclose anything you know about a property that could materially affect its value.
As a Realtor, if you know that every Spring, the home you are marketing gets water in the basement, you don’t keep it a secret! Unless, of course, you don’t mind getting sued!
Seller’s Disclosure Statements Protect Real Estate Agents
Most regard the function of the form as a protection for the seller and the Realtor. In fact, many errors and omission insurance policies give a discount to Real Estate companies that require their agents to fill out these forms.
As a home buyer, you should always ask your buyer’s agent to get a copy of the seller’s disclosure form to be able to review any known issues.
Every seller has to respond fully and accurately to any request for information about a property. If the form is not used, it does not mean the Realtor and seller are off the hook for giving proper Real Estate disclosures on any defects they may be aware of with the home or neighborhood.
Some Believe It’s a Mistake to Fill Out Property Condition Statements
Some Massachusetts attorneys believe it is a mistake to have a seller fill out a disclosure form. Massachusetts is a Caveat Emptor state which means “let the buyer…