The sellers disclosure is a fun form to fill out and it just keeps getting longer. Minnesota sellers are required to fill them out unless they have not lived in the property. Absentee owners fill out a kind of non-disclosure that says they don’t know anything.
I usually give sellers the disclosure form a few weeks before I list a home because for some filling out the form is overwhelming. it is alright to answer a question with “unknown” or if it is a matter of not understanding a question a real estate agent or google can sometimes help.
The whole idea behind the disclosure is for the home owner to disclose everything they know about the property that might be a problem for future owners.
Sometimes sellers forget things they know about the property because they have lived in the home for decades.
When homes are sold as foreclosures there is no sellers disclosure which is unfortunate because useful information about the home is lost. Maybe the sewer backed up because of tree roots in the sewer line or maybe under certain conditions the basement takes on water.
As a Realtor® I am also required to disclose what I know about a property. If I know that the roof is leaking I have to disclose it. As I show homes to potential buyers I make some observations and will point out obvious defects.
Problems arise when sellers fail to disclose something important that the home buyer believes they should have known about. In other words sometimes people try to hide defects and the buyers end up buying a money pit which is why it is so important to have a complete home inspection.