Q: Do you need a property disclosure filled out if the listing is in an estate? –Leanna
A: Whether an estate that is selling a home needs to complete a property disclosure depends on the laws of that state. Unbeknownst to many, a number of states exempt corporate and institutional sellers from having to make disclosures to the property’s buyer regarding its condition.
As a result, we’re increasingly seeing situations in which buyers have to fend for themselves when it comes to collecting information about the condition of a property they are considering buying.
This is due to the increasing proportion of home sellers that are comprised of banks selling foreclosed homes, estates, investment companies that rehab and resell foreclosures, and even relocation companies that own the homes of employees who were unable to sell them on their own before an employer-required move.