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FORM 2B (Section 7) Disclosure Statement by Seller When Seller is Not Declaring (Sale of Unit after Declaration and Plan are Registered) Condominium unit information: Civic address of the unit: Unit

How to fill out disclosure statement by seller

How to fill out a disclosure statement by the seller:

1. Begin by gathering all relevant information about the property, such as its age, condition, and any previous repairs or renovations. This will help you provide accurate and detailed information in the disclosure statement.
2. Carefully read through the disclosure statement form provided by your real estate agent or lawyer. Familiarize yourself with the sections and questions asked.
3. Start filling out the form by providing your name, contact information, and the address of the property being sold. Double-check that this information is accurate.
4. Answer each question truthfully and to the best of your knowledge. Provide details about any known issues or defects with the property, such as leaks, electrical problems, or structural damage. Be sure to disclose any previous insurance claims or ongoing disputes related to the property.
5. If you are unsure about certain questions or need clarification, it is advisable to consult with your real estate agent or lawyer for guidance. They can help ensure that you are disclosing all required information accurately.
6. Review the completed disclosure statement to make sure nothing is missing or unclear. It is crucial to be thorough and honest in your responses to avoid potential legal issues in the future.
7. Sign and date the disclosure statement, acknowledging that the information provided is accurate and complete to the best of your knowledge.
8. Keep a copy of the signed disclosure statement for your records.

Who needs a disclosure statement by the seller?

1. Sellers of residential properties are typically required to provide a disclosure statement to potential buyers. This includes homeowners selling their own property without the assistance of a real estate agent, as well as sellers represented by an agent, as per local real estate laws and regulations.
2. The disclosure statement serves to inform the buyer about known defects or issues with the property before they make a purchase decision. This allows the buyer to make an informed decision and negotiate any necessary repairs or adjustments to the purchase agreement.
3. The disclosure statement is essential to protect both the buyer and the seller. It helps establish transparency and trust between the parties involved in the real estate transaction, reducing the risk of legal disputes and ensuring a smoother sale process.

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