NAR Explains Seller Disclosures in New Guide

ORLANDO, Fla. — What should sellers disclose in a sale? Why are disclosures important? What happens if material defects are not disclosed?

Home sellers must disclose to buyers certain details about a property or there could be legal consequences. The latest Consumer Guide by the National Association of Realtors® helps clarify general questions about seller disclosures and why they are important. The guide, Seller Disclosures, is the 25th in the NAR series.

The guide answers questions that include the following:

• What are seller disclosures?
• Which defects, if any, need to be disclosed?
• When do material defects need to be disclosed?

The guide also highlights that practices can differ depending on state and local laws and emphasizes that Realtors® can assist sellers in understanding what needs to be disclosed and why. It is the latest in NAR’s Consumer Guide series to assist buyers and sellers as they navigate real estate transactions and make informed decisions.

All of NAR’s Consumer Guides in the series, along with other resources, highlight the value of working with a Realtor with an eye on the practice changes that began Aug. 17.

The guides can be viewed at the NAR website facts.Realtor. The Consumer Guides can also be printed as handouts. Most are available in English and Spanish.

Click the title to view the PDFs:

1. Why Am I Being Asked to Sign a Written Buyer Agreement? Covers recent practice changes when it comes to working with a real estate professional as a home buyer. Spanish
2. Open Houses and Written Agreements: Covers what buyers need to know about touring homes, attending open houses and when a written buyer agreement is needed. Spanish
3. Realtors’ Duty to Put Client Interests Above Their Own: Covers NAR’s strict Code of Ethics that all agents who are Realtors must follow and their ethical duties to act in their client’s best interests. Spanish
4. What Veterans Need to Know About Buying a Home: Covers what NAR is doing to promote access to financing for veterans and highlights the options available to veteran buyers in their homebuying process. Spanish
5. Offers of Compensation: Covers the process and options available for offering compensation to a buyer’s agent and the reasons why this may be a compelling option for sellers to consider when marketing their property. Spanish
6. Negotiating Written Buyer Agreements: Covers what home buyers should expect when negotiating a written buyer agreement with an agent who is a Realtor. Spanish
7. Seller Concessions: Covers the most common types of seller concessions, rules for when and where to offer them and how they can facilitate a successful transaction for both homebuyers and sellers. Spanish
8. Multiple Listing Services (MLSs): Covers what an MLS is and how it aids in the homebuying and home selling process. Spanish
9. Fair Housing: Covers housing discrimination and the Realtor’s role in ensuring fair housing practices are followed. Spanish
10.  Listing Agreements: Covers negotiating and signing a listing agreement with your agent. Spanish
11. Ten Questions to Ask a Buyer’s Agent: Covers questions buyers should consider when selecting an agent and highlights the importance of Realtors. Spanish
12. Ten Questions to Ask a Seller’s Agent: Covers questions sellers should consider when selecting an agent and highlights the important of Realtors. Spanish
13. Buying Your First Home: Covers where to begin and what resources are available to first-time buyers. Spanish
14. Mortgages and Financing: Covers general information about types of mortgages, available financing and concessions. Spanish
15. Steps Between Signing and Closing on a Home: Covers commonly asked questions about the basics of what to expect during the period between signing and closing. Spanish version not yet available. Spanish
16. Home Inspections: Covers details about home inspections including who is responsible for the associated costs and what “as is” means regarding a sale. Spanish
17. Homeowners Insurance: Covers essential information for understanding the basics of homeowners insurance coverage. Spanish
18. Flood Insurance: Covers key considerations for flood insurance, including requirements and options. Spanish
19. Fire Damage and Policy Coverage: Covers important details about homeowners insurance policies regarding wildfire damage. Spanish
20. Preparing to Sell Your Home: Covers how to prepare it for listing and viewing by potential buyers. Spanish
21. What Goes Into Pricing Your Home: Covers the factors that influence a home’s price, how agents can determine the asking price and what sellers should know about it. Spanish
22.  Escrow and Earnest Money: Covers what buyers should know about earnest money deposits, including the general terms and use cases in real estate transactions. Spanish
23. Preparing for Homeownership: Covers what prospective buyers should consider as they start their home purchase process. Spanish
24.  Property Taxes: Covers general questions about property taxes, including information about exemptions and reassessments. Spanish
25.  Seller Disclosures: Covers general information for home sellers to disclose material defects and relevant property information to buyers.

For the most up-to-date information about the practice changes, including videos, infographics and new and revised forms and contracts, check the Florida Realtors®’ NAR Settlement Resource Guide webpage frequently.

All forms are also available on Form Simplicity. As always, the Florida Realtors Legal Hotline is available weekdays to answer your questions at 407-438-1409. Questions may also be submitted online any time by clicking here.

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