I’m Alixander, real estate agent with the SLC Real Estate Agency. We are here at the KW Salt Lake City Keller Williams offices in Sugarhouse.
I’m very excited about today’s next video, which is a follow-up in the real estate jargon series. Today’s video is going to be about the SPCD, or the seller’s property condition disclosures.
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Dive into the Seller’s Property Condition Disclosure
So today we’re going to do a little bit of a deep dive into the SPCD, or the seller’s property condition disclosure, and to start off we’ll start with the first word of the SPCD…
Mister Seller, you are legally obligated to present to the buyer the defects of the property that you are aware of. And to help you out today, we’re going to go through what you need to disclose.
Looking at the Seller’s Property Condition Disclosure
So let’s go ahead and show it off right here, this is the seller’s property condition disclosure. This is a very important document that you’ll need to consider. I believe there are 28 points… 26 points that are on it.
- Additions and remodels
- Use of property
- Natural gas
- Interior features
- Exterior and exterior features
- Termites/dry rot/pests
- Structural items
- Boundaries and Easements
- Other moisture conditions
- Hazardous conditions
- Homeowners association
- Unpaid assessments
- Energy Efficiency
- Solar systems
- Alternate additional solar power systems
That’s 26 points and you can forgive me, of course for having forgotten whether it was 26 or 27 or 28 because…
You also have to disclose whether this is a foreign investment and where you are getting your square footage numbers.
So then you get the opportunity to authorize it as well.
So the SPCD is that document and we’ll go ahead and do the next letter of the SPCD.
Mister Seller, this property that you have… you’ve got to be able to honestly disclose to the buyer what you do know about it.
And how is the buyer to do their due diligence if you’re not disclosing the conditions of the property?
This document will protect you in terms of the buyer coming back and saying, “You didn’t tell me about this!” and you can say in writing, No, no I did.”
Seller’s Property Condition
The next letter, which is condition.
The condition of the property is crucial to the buyer. They are acquiring the property in the condition that it is in.
Now, if there are any changes to the property during the transaction, well… jumping back into the screen, there is one more section. The last page is a disclosure form update. This is where you, the seller, would fill it out saying, “These were the changes that were made during the transaction.”
Seller’s Property Condition Disclosure
Seller, this document will protect you in the future, and in the present. Just be sure to disclose, disclose, disclose where you’re asked to disclose in this document. That is the last word, disclose.
Disclosure is an important part of the real estate transaction, and in the industry altogether. It’s important for the buyer to understand what it is that they’re getting and the seller to feel free of what they know about the property. These things are crucial to making a successful transaction happen from start to finish.
The Seller’s Property Condition Disclosure Deadline
When we have in the offering a seller’s property condition disclosure deadline, this is the day of which you, the seller, must present to the buyer by, or before, that deadline what you know about the property as found in the seller’s property condition disclosure.
With that said, I hope that gives you a broad overview of what the seller’s property condition disclosure is, what it’s for, and how it’s ultimately there to protect you… not misrepresent you.
I’m Alixander real estate agent with the SLC real estate agency here at the KW Salt Lake City Keller Williams offices in Sugarhouse.
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