Here’s what you need to know about seller’s disclosures in Washington.
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Most states require some kind of seller’s disclosure during a real estate transaction, but the requirements vary by state. Today I’m going to focus on what’s required here in Washington state.
The entire point of the disclosure is to provide transparency and allow the seller to disclose things that are going to affect the value of a property. Any material facts that a seller is aware of must be disclosed.
There are certain cases where a seller is to be exempt from making disclosures. In the case of a foreclosure, an estate sale, or a transfer between family members, the seller is exempt from making most disclosures.
Even when the seller is exempt from making them, they’re still required to disclose any material facts about the home related to environmental impacts. This could include lead-based paint, asbestos, standing water, flood zones, underground oil tanks, and more.
If the property doesn't qualify for an exemption and the buyer has not waived their right to receive the seller disclosure form, sellers are required to disclose any known material defect in the property. Whether it’s a leaky sink or a small hole, it’s best to disclose as much as possible and be transparent. The seller’s disclosure is the main catalyst of lawsuits in the real estate industry.
When you’re in the process of selling, your agent should be there to guide you through exactly what to disclose so that you’re fully protected in the transaction. If you have any questions about disclosures or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.