Let's take a minute to talk about the property disclosure. As stated on the top of the Disclosure itself:
Under Maine Law, certain information must be made available to buyers prior to or during the preparation of an offer. This statement has been prepared to assist prospective buyers in evaluating this property. This disclosure is not a warranty of the condition of the property and is not part of any contract between Seller and any Buyer. Seller authorizes the disclosure of the information in this statement to other real estate licensees and to prospective buyers of this property. The Seller agrees to provide prompt notice of any changes in the information and this form will appropriately change with an amendment date. Inspections are highly recommended.When representing a Buyer in a real estate transaction, it is the Buyer Brokers obligation to gather and review the information about the subject property. This seven page property disclosure will be reviewed prior to the preparation of an offer, again during the due diligence phase and referenced again during the inspection period. Information gathered within both the disclosure and the inspections can alert parties to further investigations: is the chimney lined? what does the sewer pipe look like? does it need a new liner? what does the maintenance records look like on the boiler? on the septic? has the electrical panel been updated? are the sockets grounded? has the water been tested? and how about radon air/water tests?
Furthermore, upon completion of the inspections, it is the Brokers obligation to update the discloure with the findings. As the Property Disclosure is a "living document" though the life of the transaction and needs to be updated with appropriate changes and with an amendment date.
FMI or for Buyer Broker representation when buying a house, contact the Southern Maine Team of Cates Real Estate at some@catesre.com or 207-370-1593
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