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RESIDENTIAL DISCLOSURE SUMMARY FIXED RATE LOAN Date / / Seller: Borrower: Property Address: Mortgage Term (# of monthly payments) Loan Amount: $ Interest Rate: Principal & Interest Payment: $ Fees(describe)

How to fill out residential disclosure summary

How to fill out a residential disclosure summary:

1. Begin by gathering all relevant information about the property. This includes details about the structure, any renovations or repairs that have been made, and any known issues or defects.
2. Next, carefully review the disclosure form provided by your local real estate board or agency. Familiarize yourself with the sections and categories listed, as well as any specific requirements or instructions.
3. Start by completing the basic information section of the form. This typically includes the property address, the seller's name, and the date of disclosure.
4. Move on to the structural and mechanical components of the property. Provide accurate information about the age and condition of the roof, windows, HVAC systems, plumbing, electrical systems, and any other significant structural elements.
5. Include details about any renovations or improvements that have been made to the property. This may include additions, remodels, or upgrades to various areas. Be sure to also mention if any work was performed without the necessary permits or inspections.
6. Disclose any known issues or defects with the property. This can include things like leaks, water damage, foundation problems, pest infestations, or any hazardous materials present on the premises. Be as thorough and detailed as possible to ensure the buyer is fully informed.
7. If applicable, include information about any warranties or guarantees that are transferable to the buyer.
8. Review the completed disclosure form to ensure all information is accurate and complete. Make any necessary revisions or additions before finalizing it.

Who needs a residential disclosure summary:

1. Home sellers: Individuals or entities selling residential properties are required to provide a residential disclosure summary to potential buyers. This ensures that buyers have access to important information about the property's condition and any known issues.
2. Real estate agents: Real estate agents play a crucial role in assisting sellers with the completion of a residential disclosure summary. They help gather the necessary information, ensure accurate completion of the form, and provide guidance throughout the process.
3. Home buyers: Residential disclosure summaries are vital for home buyers as they provide crucial information about the property's condition and help in making informed decisions. Buyers should carefully review the disclosure summary and, if necessary, seek expert advice or conduct further inspections before finalizing the purchase.

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What is residential disclosure summary?

The residential disclosure summary is a document that provides information about the condition of a residential property being sold or leased.

Who is required to file residential disclosure summary?

Sellers or landlords of residential properties are typically required to file a residential disclosure summary.

How to fill out residential disclosure summary?

A residential disclosure summary can be filled out by providing accurate information about the property's condition, any known issues, and any disclosures required by law.

What is the purpose of residential disclosure summary?

The purpose of a residential disclosure summary is to inform potential buyers or renters about the condition of the property and any known issues.

What information must be reported on residential disclosure summary?

Information that must be reported on a residential disclosure summary may include the property's age, condition, any known defects, any environmental hazards, and any recent repairs or upgrades.