Buyer Beware

Also known as "caveat emptor" — buyer beware is a phrase that means a buyer is purchasing the property as-is, and the seller isn't required to disclose every issue, except for certain dangerous or toxic conditions (like asbestos or lead-based paint).

How it Works (4 Simple Steps)

Filling out and providing a disclosure statement is straightforward, but it must be done carefully and honestly. Here's a step-by-step overview of how it works:

Step 1 – Download the Form

Sellers should download the official property disclosure form that corresponds to their country. Each country has unique requirements, so it's essential to use the correct version. The form can typically be completed digitally or printed and filled out using a pen (not a pencil) for authenticity.

Step 2 – Inspect the Property

Using the form as a guide, the seller should walk through the property and visually inspect it for any signs of damage or wear. They should test all appliances and utilities (flush toilets, open and close windows, test the hot water, etc.) and inspect key structural areas such as the foundation, walls, and roof.

Being transparent and thorough not only improves buyer confidence but also protects the seller legally. A professional home inspection will likely uncover most issues anyway, so honesty is the smartest approach.

Step 3 – Sign the Form

Once the seller has answered each question honestly and to the full extent of their knowledge, they can sign the disclosure. Their signature can be recorded by printing the form and signing by hand or uploading the completed form and signing it electronically.

Step 4 – Provide and Attach

The seller will need to send the signed disclosure to the buyer via mail and/or via email. Once the buyer has reviewed each page of the agreement, they will need to initial on the first page and sign their name on the last page. If the parties will be entering into a purchase agreement, the disclosure should be attached on the last page of the contract.

Remember: Being transparent and thorough with your property disclosure protects you legally and builds trust with potential buyers. A professional home inspection will likely uncover issues anyway, so honesty is always the best policy.