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

How to fill out residential disclosure summary

How to fill out a residential disclosure summary:

1. Familiarize yourself with the purpose and importance of the residential disclosure summary. This document is typically required in real estate transactions and provides potential buyers with relevant information about the property being sold.
2. Obtain a copy of the residential disclosure form from your real estate agent or the appropriate authority in your area. Make sure you have the most up-to-date version of the form.
3. Begin by filling out the basic information section of the form, including the property address, the names of the sellers, and the date of the disclosure.
4. Read each question carefully and provide accurate and complete information. The questions may cover a wide range of topics, such as the property's structural condition, any known defects, the presence of environmental hazards, and past renovations or additions.
5. It's essential to be thorough and honest when answering the questions. Disclose any known issues or concerns about the property. This is not the place to hide or omit any information, as it may lead to legal consequences in the future.
6. If you are unsure about how to answer a particular question, consult with your real estate agent or seek legal advice. It's better to seek clarification than to leave out important details.
7. Complete the signature section of the residential disclosure summary. Ensure all sellers involved in the transaction sign and date the document to acknowledge the accuracy and completeness of the information provided.
8. Keep a copy of the completed residential disclosure summary for your records. This document may be requested by potential buyers, real estate agents, or legal professionals throughout the transaction process.

Who needs a residential disclosure summary?

1. Buyers: Potential buyers of residential properties often rely on the residential disclosure summary to make informed decisions. This document helps them understand any known issues or defects related to the property before finalizing the purchase.
2. Sellers: Providing a residential disclosure summary is typically a legal requirement for sellers. It helps them fulfill their obligation to disclose all relevant information about the property to potential buyers.
3. Real estate agents: Agents play a crucial role in facilitating real estate transactions. They can assist sellers in accurately completing the residential disclosure summary and ensure it is provided to interested buyers. Additionally, they may answer any questions buyers may have regarding the information disclosed in the document.

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What is residential disclosure summary?

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

Who is required to file residential disclosure summary?

Home sellers and landlords are required to file the residential disclosure summary.

How to fill out residential disclosure summary?

To fill out the residential disclosure summary, provide accurate information about the property's condition and any known issues.

What is the purpose of residential disclosure summary?

The purpose of the residential disclosure summary is to inform potential buyers or tenants about the condition of the property.

What information must be reported on residential disclosure summary?

Information such as past repairs, renovations, and any known issues must be reported on the residential disclosure summary.