What is a seller’s property disclosure?
A seller’s property disclosure is a questionnaire where the seller states what they know about the home’s condition, such as roof, plumbing, flooding or past repairs. Many states require one, and even when not required it helps buyers and protects the seller.
Each state has its own required notices and forms, and a questionnaire does not replace them. It supplements them.
A wholesaler can ask for a disclosure and photos from the seller to share accurate information with buyers.
Common mistakes
- Treating a general questionnaire as the state’s required form.
- Filling in the answers for the seller.
- Not passing known problems on to the end buyer.
More questions
Does a seller have to fill out a disclosure in a wholesale deal?
Many states require one for residential sales regardless of the buyer, with some exemptions. Check the property state’s rules.
What if the seller does not know the answers?
They should answer what they know and say when they do not know. A disclosure is about the seller’s knowledge, not a guarantee.
Does an as-is clause replace a disclosure?
Generally not. As-is terms limit repairs, but required state disclosures still apply.