Seller's Real Property Disclosure Statement
The purpose of the Seller’s Real Property Disclosure Statement is for Seller to disclose to Buyer, as required by law, any material fact concerning the property. Material facts are defined as “any fact, defect, or condition, past or present, that would be expected to measurably affect the value to a reasonable person of the residential real property being offered for sale.”
Seller: When in doubt, disclose! Just because your ice maker has not been working for the past 10 years that does not mean you should not disclose – a Buyer will possibly view it as a material fact!
Note: If Buyer isn’t satisfied with Seller’s Real Property Disclosure Statement, Buyer’s remedy is to cancel the Purchase Contract within a given time frame, as outlined in the Purchase Contract.
When purchasing property on Oahu, understanding the "Seller’s Real Property Disclosure Statement" is essential. This document, endorsed by the Hawaii Association of Realtors, encompasses over 100 points for the seller to address, including a mix of mandatory checkmarks and selections from four possible responses: 'Yes', 'No', 'NTMK' (not to my knowledge), or 'NA' (not applicable).
Significantly, the form includes a section titled 'Defects, Repairs or Replacements (Past or Present)', which lists over 35 items ranging from air conditioning to plumbing. Sellers are required to provide detailed explanations for any issues they affirmatively acknowledge. While we won't dissect every item, we aim to spotlight key areas every prospective buyer should scrutinize:
- **Maintenance Fees**: Especially for condos, it's important to verify the accuracy of disclosed maintenance fees and what they include, as sellers might overlook increases due to autopay setups.
- **Parking Stalls**: Ensure clarity on the number and type of parking stalls associated with the unit, confirming details against public records or condo documents as needed.
- **Permits**: For any significant modifications or improvements, verify whether building permits were obtained, as unpermitted work can pose future complications.
- **Pending Developments**: Stay informed about any neighborhood developments that could impact your property's value or living conditions.
- **Pest & Termites**: Inquire into the history and treatment of any pest or termite infestations to gauge potential ongoing issues.
- **Defects, Repairs, or Replacements**: Seek clarity on any disclosed repairs or modifications, particularly if the seller's explanations are vague or incomplete.
- **Litigation Affecting Complex**: Understand any litigation involving the condo complex, as this can influence your decision depending on the nature of the disputes.
- **Special Assessments**: Be aware of any special assessments that could increase your financial obligations.
- **Comments & Attachments**: Review Section Q and any attachments for additional insights or explanations provided by the seller. The O Team is dedicated to making your real estate journey on Oahu as smooth and transparent as possible. If you have any questions or need further clarifications on the Seller’s Real Property Disclosure Statement, we're here to help. Our expertise ensures you're well-informed and confident in your property purchase. For personalized advice and assistance, don't hesitate to reach out to us. Let The O Team be your guide to finding the perfect home on Oahu.