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Architecture Guide
Cost vs. Value Report
Good Neighbor Awards
Handouts for Customers
Top 100 Companies
Take a Quiz
30 under 30
Young Professionals
REALTOR® Emeritus |
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SALES MEETING TOOL KIT: PROPERTY DISCLOSURE |
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 Component 1: Facilitator Talking Points Component 2: Property Disclosure Agenda Component 3: Handout 1, What Is Liability Component 4: Activity 1, Recognizing Improper Disclosure Component 5: Activity 1, Explanations for Disclosure Scenarios Component 6: Handout 2, Tips for Reducing Your Risks Component 7. Handout 3, Disclosure Primer and Your Company’s Property Disclosure Form Component 8: Activity 2, Identifying Defect Red Flags Component 9: Activity 2, Answers to Red Flags Component 10: Activity 3: Lead Out Quiz Component 11: Activity 3, Answers to Lead Quiz Component 12: Handout 4, A summary of your state’s disclosure requirements under Megan’s Law Other Resources |
Component 7: Handout 3, Disclosure Primer and Your Company’s Property Disclosure Forms Approximately 30 states now have state-mandated disclosure forms. If you do, be sure that you adapt this discussion to reflect the specific disclosure requirements of your state. If your state doesn't have a disclosure requirement, your company form should probably include the following: · A list of common property defects with checkboxes indicating whether each component has been a problem. · A blank space to provide specifics about any component that has been a problem. · A blank for the approximate age of each component, with attached documentation if available. · A statement that the information provided is true to the best of the seller’s ability, signed and dated. Fifteen Points for Disclosure · Defects in the roof · Defects in the electrical system · Defects in plumbing, water heaters or septic tanks · Defects in heating or air conditioning · Defects in the swimming pool · Defects such as cracks, bulges, or water seepage in the foundation or basement · Disputes over boundary lines, liens, or other encroachments · Presence of asbestos, lead paint, radon, toxic wastes, underground tanks, or other environmental hazard · Infestations by termites or other pests · Location in a floodplain, wetland, or shoreline · Defects in any mechanical equipment or appliances being sold with the property · Awareness of pending changes in zoning, property tax assessments, or special assessments Note that these are representative suggested items to be covered and are not intended to be a complete, comprehensive list of all items that might be included on the company’s form. Adapted and abridged from West’s Wisconsin Statutes Annotated Property Disclosure by Owners of Residential Real Estate.Copyright 1999, West Group. Component 8, Property Disclosure > Note: This information provides general legal information and should not be relied upon as legal guidance. Before acting, both the relevant laws and legal counsel should be consulted. This information should not be construed as specific legal advice nor as an opinion on particular facts, cases, or situations. |