If you’re selling your home then you need to know that a required seller’s disclosure form has just been updated and is required of all sellers starting on July 22nd. If you are either not yet under contract or about to get your listing started up with a REALTOR(R) you’ll want to pay attention. To access the Washington State code that spells out disclosure requirements you can go to this link. For specific details regarding this legislative action you can go here: http://apps.leg.wa.gov/billinfo/summary.aspx?bill=5895.
Additionally, those who own raw land need to be aware that a seller’s disclosure is demanded of them as well – and this is brand new. Prior to the July 22nd change it was not required to provide a disclosure form on undeveloped land.
The major crux of the change for residential property has to do with environmental concerns that might impact a property. Even if a buyer has waived their right to receive a Form 17, if there are issues that impact the property of an environmental nature then this must still be given to the buyer. There is much more than just this so getting familiar with the specific changes will be important and working through it with your agent will help you to pinpoint elements that will apply to you.
For landowners, you’ll need to be specific disclosing costs and/or requirements for fees associated with developing land.
If you’ve got a specific question about the new changes please feel free to leave a comment and I’ll respond accordingly.
