PRDS Releases Seller Advisory For Completing Disclosure Forms
By Attorney David Hamerslough
PRDS has released a Seller Advisory regarding completing disclosure forms. It is intended to provide a seller with general suggestions to follow when filling out a TDS, SSC, SPQ, or Exempt Seller Disclosure.
This advisory was created in conjunction with revisions that are being made to the PRDS Supplemental Seller Checklist. The PRDS Forms Committee is in the process of finalizing the revisions to the SSC. I’ll have an article on the revisions to the SSC once it is published.
The new advisory regarding completing disclosure forms consolidates information and suggestions that were contained in several other documents, including the caution sections of the existing SSC and several stand-alone advisories created by other real estate brokerages. This advisory is more comprehensive than those documents and offers both general and specific suggestions for completing the disclosure forms.
The first section of the new advisory offers suggestions on how a seller can prepare to complete their disclosure obligations. The second section offers suggestions pertaining to completing all disclosure forms. The third section offers information and suggestions for completing the TDS, the SSC or SPQ, and the Exempt Seller Disclosure form if applicable. There are some final suggestions in the last section that address, among other things, what to do if a seller has questions about what to disclose, how to disclose it, or any changes to or updating of the disclosure documents that may be needed.
Lawsuits relating to disclosures made by sellers continue to be brought by buyers. The PRDS Forms Committee is made up of brokers, managers, agents, and several attorneys. This advisory contains suggestions based upon that group’s collective experience in handling disclosure issues either from the perspective of a real estate practitioner or an attorney handling a disclosure claim. The Committee hopes that this new advisory will assist not only sellers but also real estate licensees with respect to disclosure issues.