The best way we've found to describe the benefit of filling out a Seller Property Disclosure is looking at it like a free insurance policy. Anything that is known to be wrong with the home can be disclosed here. If you disclose problems it's very hard for someone to later accuse you have knowing about them without telling anyone.

This document is also a great way to convey to the buyer what's been done with the property over time and how well it's been maintained. Buyers should read over these in great detail and ask any questions they might have. When we represent a buyer we prefer to have this document in hand before doing a property inspection. The reason for this is that we are both able to verify information and focus on the unknowns.

In Colorado, if you aren't sure about something you have the option of simply stating that you don't know. For instance, the condition of the roof. Maybe you had a new one put on 5 years ago and haven't checked it out since because you haven't had a problem. Perfectly normal.

If you haven't lived in the property, many people choose to not fill out a property disclosure. While this certainly is an option you aren't going to convince anyone that you made a tenant solely responsible for maintenance of the home. The same goes if you are flipping a home... you just replaced a bunch of things but won't state in a disclosure that you did? It raises suspicion.

These forms can be long and tedious, but the better they are filled out the fewer problems we seem to hit during the process of getting to closing. Seller property disclosures are beneficial to both the buyer and seller.