The mandatory Seller’s Real Property Disclosure Statement (SRPDS) is a written statement that must be completed by the seller, to the best of the seller’s knowledge, and must fully and accurately disclose all material facts relating to the property for sale.
‘Material facts’ refers to any fact, condition or defect, past or present, that could measurably affect the value of the property for sale to a reasonable person.
Sellers should not take their obligation to disclose lightly. Shellers should be as detailed and thorough as possible in their disclosure. A real estate purchase is a huge financial commitment for any buyer, and they tend to look favorably to a seller’s attention to detail in completing the disclosure. More importantly, it’s the best way to minimize risk for potential issues down the road, or even a lawsuit.
Additionally, the seller must amend the SRPDS with any later discovered information during the escrow time period.
If the buyer is not satisfied with the SRPDS, or the amended SRPDS, the buyer may terminate the contract in writing and within the specified time period of receipt, otherwise the buyer will have waived this contingency.