You’re buying a house… Hooray!
Now that you’ve found the house, put in an offer, and it’s been accepted the real fun begins.
The Listing Agent should give your agent (called the Buyer’s Agent in Arkansas) a Seller’s Property Disclosure (SPD). Once you have reviewed the SPD and have decided you’re fine with everything reported on it, then you can sign it and proceed with the home buying process.
However, if there is something on there that might be a deal breaker, don’t sign it. Discuss your options with your agent.
What is on the Sellers Property Disclosure?
The SPD will include lots of great information that you will need to know about your soon-to-be home.
Any issues the home might have, including:
-Windows & Doors that aren’t aligned
-Faulty foundation or leaks
-Issues with appliances
-Repairs or insurance claims made
-Renovations completed with or without a permit
-Pest or mold infestations
-Environmental hazards in the area, like floods or wildfires
A Seller’s Property Disclosure will also tell you things like: what internet, electric, gas, and water provider you will need to call to set up utilities.
As a buyer, receiving a full Sellers Property Disclosure is very important in finalizing your decision to purchase a home.
As a seller, it is very important that you include anything and everything you can in your SPD. If you purposely left something out about the home you are selling, and a buyer finds out through an inspection or other investigation, this could terminate your transaction. As a listing agent we expect and encourage our sellers to be as open and honest as possible. Details and information build trust. Trust is necessary between buyers and sellers.
An SPD is used to protect both home buyers and sellers. If all known information is provided in this document, then both parties are in good standing which will make the process of buying a home just a little smoother.
When you’re ready to buy or sell real estate in Northwest Arkansas, call me, Jill Bell. I’d love to help you out!