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This document serves as a disclosure statement for sellers of condominiums, providing details regarding the condition and material defects of the property as known to the seller, and requirements
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How to fill out sellers disclosure and condition
How to fill out Seller’s Disclosure and Condition of Property Addendum (Condominiums)
01
Begin with the basic information: Fill in the seller's name(s), property address, and date.
02
Review the condominium association documents: Familiarize yourself with rules and regulations, ongoing assessments, and any potential special assessments.
03
Disclose any known defects: Clearly list any issues with the property that are known to the seller, including structural issues, plumbing problems, and pest infestations.
04
Provide information about improvements: Note any renovations or upgrades that have been made since purchasing the condominium.
05
Clarify the status of appliances and systems: Indicate the condition of major appliances and systems (e.g. HVAC, plumbing) within the unit.
06
Include association fees and assessments: Provide details regarding the condominium association fees, what they cover, and any upcoming assessments.
07
Review and sign: Ensure that all information is accurate, then sign and date the document before submitting.
Who needs Seller’s Disclosure and Condition of Property Addendum (Condominiums)?
01
Sellers of condominiums: They are legally required to provide this disclosure to potential buyers.
02
Buyers of condominiums: They need this information to make informed decisions regarding the purchase.
03
Real estate agents: Key in assisting sellers and buyers in understanding and completing the addendum.
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What is Seller’s Disclosure and Condition of Property Addendum (Condominiums)?
The Seller’s Disclosure and Condition of Property Addendum for condominiums is a legal document that provides detailed information about the condition of a condominium unit and its common areas. It helps potential buyers understand any existing issues or defects prior to making an offer.
Who is required to file Seller’s Disclosure and Condition of Property Addendum (Condominiums)?
The seller of a condominium unit is typically required to file the Seller’s Disclosure and Condition of Property Addendum. This ensures that all material facts about the property are disclosed to potential buyers.
How to fill out Seller’s Disclosure and Condition of Property Addendum (Condominiums)?
To fill out the Seller’s Disclosure and Condition of Property Addendum, the seller must provide accurate and complete information about the condition of the property, including any known defects, maintenance history, and the state of common areas. It may require checking boxes, providing detailed explanations, or attaching additional documents.
What is the purpose of Seller’s Disclosure and Condition of Property Addendum (Condominiums)?
The purpose of the Seller’s Disclosure and Condition of Property Addendum is to inform potential buyers about the condition of the condominium unit and any associated common areas. It aims to promote transparency and protect both the buyer and seller in the real estate transaction.
What information must be reported on Seller’s Disclosure and Condition of Property Addendum (Condominiums)?
Information that must be reported on the Seller’s Disclosure and Condition of Property Addendum includes details about electrical, plumbing, and structural systems, the presence of mold or pests, any past or ongoing repairs, special assessments, and the rules and regulations of the condominium association.
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