WHat is a sellers property disclosure statement (spds)?

For the seller of the home, the home inspection if one of the most dreaded processes of the home selling process!  It ranks right up there with having your wisdom teeth pulled! 

But, it’s a necessary process with the sale of most homes, and a requirement of homes that will have a new mortgage. 

if a person is paying cash for a home they can waive the home inspection process and just take their chances.  I don’t recommend this, but it is possible. 

Read below to find out more about the Home Inspection Process and watch the video below. 

 

handwriting-fonts

Additional Assistance

You can download the SPDS sample. Just click on the image and the PDF will download immediately and you can save it to your system if you like.

The Seller’s Property Disclosure Statement (SPDS)

 

The Seller’s Property Disclosure Statement (SPDS) is a document that is designed to protect the Seller and educate you, the Buyer.  

This 8-page document provides the Seller the opportunity to disclose important information about their home to you, such as the condition of the property, the functionality of the property, and the livability of the property. For example, is the house connected to a City sewer, or does it have a septic tank? Is the house in the flight path of the airport?

Why is this important?  Sellers are legally obligated to disclose all known material facts about the property to the Buyer. They cannot hold back anything they know without the opportunity to be sued later on. The SPDS is good for the seller because it allows them to disclose things they could be liable for, and it’s good for the buyer so they can make an informed decision.

As a potential home buyer, you need to read the SPDS carefully.  You don’t want to move in and discover there is a leak in the roof that was disclosed to you in writing during your due diligence period, but you just didn’t bother to read it. 

Once you read the SPDS ask questions. If there is anything you don’t understand or that doesn’t sit right with you, ask questions, and do your research.  One awesome tool to help you verify the information is the Buyer Advisory.  

The SPDS is completed by the Seller, which means it’s subject to human error and inaccuracies. Although they are well-meaning,  they can forget things if they are not relevant to them. For example, maybe the seller of the house does not have school-age children and assumes the school-age children go to the school just down the road. If it’s important to you, verify the information

If there is anything disclosed in the SPDS that you disapprove of, you can include it in the BINSR or if it is more than you can bear, you are not required to move forward with buying the house.

You can download a sample copy of the SPDS on this page.  

You should also read the information about the BINSR.

 

Testimonials

I have had the pleasure of working with Peter Hudson for several years in various capacities and have the utmost respect for him. Peter is extremely professional and is one of the most talented gentlemen I have ever met. I would highly recommend Peter to anyone who is looking to hire someone with impeccable integrity and a wealth of knowledge. 

John M.

Peter has an eye for detail while maintaining a strategic focus on the big picture.  He is extremely professional, punctual, and pleasant to work with. I have always appreciated Peter’s willingness to go above and beyond his job expectations. His ability to bring a team together to focus on a common goal is remarkable. In the time I have worked with Peter I have seen his straightforward style push people to become the best version of themselves.

Annie J.

Peter is an amazingly intelligent professional in sales and marketing. If you choose Peter as your agent he will work incredibly hard, but more importantly, incredibly smart to be your advocate, protect your interests and use many tools. The most important thing about my friend and colleague, who I have known for many years, is that he cares and he uses his expertise to serve his clients.

Cathy C.

I had the pleasure of working with Peter and he was extremely professional in working with internal staff and external clients. Peter was a pleasure to work with and extremely knowledgeable in marketing and sales. He took a consultative approach that met or exceeded client expectations and was always quick to respond, helpful and seeking to expand his knowledge to stay on top of market trends. 

Brian V.

Our nephew and his wife just closed on a house using Peter Hudson. It was a relief for us that Peter took them under his wing. Peter was caring but firmly guided the couple. Once the house was found Peter, with his expert knowledge and understanding, got them a great price. But, he didn’t stop there he watched over all the details to make sure everyone was doing their best for the couple all the way to handing them the key! Nice follow-up Peter.

Duane A.

Peter provided professionalism and diligence to every detail necessary for the sale of our Mesa, Az. residence. 
If the need is presented again, the choice will be the same.

Jon and Belinda S.