Property Disclosure Form Revised; Effective January 1, 2013

The Residential Property and Owners’ Association Disclosure Statement has been revised to make it easier for users to complete.

Required for all properties placed on the market on or after January 1, 2013, the revised form replaces the current form’s use of lead-in and subordinate questions with 37 independent questions.

The first 31 questions of the new form, presented in a slightly different sequence, cover the conditions and characteristics of both the property and dwelling to be sold. The content of the questions remains essentially unchanged from the current form with the following exceptions:

•  the date the dwelling was constructed, rather than the age of the structure;

• an expanded list of possible materials used to make the exterior walls;

• the date the roof was installed, rather than the age of the roof;

• if the fuel is stored in a tank, whether the tank is above or below ground, and whether it is leased or owned by the seller;

• a shared well included as a possible water supply source;

• whether the owner has knowledge of the number of rooms permitted for a septic system, and if so, the number of permitted rooms;

• problems with “appliances that may be included in the conveyance” rather than “built-in appliances;”

• “structural additions or other structural or mechanical changes” rather than “additions or other structural changes to the dwelling(s) to be conveyed;”

• whether the owner has “been notified by a governmental agency” regarding violations of zoning ordinances, restrictive covenants, or building codes, including the failure to obtain proper permits for changes or improvements.

The last 6 questions pertain to only those properties subject to a HOA, and remain essentially unchanged. As has been the case, the questions offer the options of answering “yes” or “no,” where appropriate, or “no representation.”

For those properties placed on the market prior to January 1, 2013 that require a corrected Disclosure Statement, the new form should be used to make any updates.

The form is available on the Forms page of the Commission’s Web site.

This article came from the October 2012-Vol43-2 edition of the bulletin.