The property disclosure is a form filled out by the seller when they are wanting to list their home for sale. The property disclosure is a list of questions several pages long, that answers most any question you would ever have on any thing that may pertain to the property.
The property disclosure should be uploaded to the mls (multi list site) and should be completely filled out.
When I am showing properties, I like to print out this information in advance, so that my clients questions can be answered on the spot if possible. This disclosure covers many things that you wouldn't normally even think to ask. "Has there ever been flooding?"
"Were any improvements made without a permit?"
"How old is the roof?"
"Are there any encroachments on the property?"
These questions, and many more are all answered on the property disclosure.
Many properties in Northwest Arkansas have shared fences, etc. This is just a normal part of subdivisions and urban properties. However, if you are purchasing 20 acres of land, you will want to know exactly what the encroachments/easements may be. Does your neighbor have access to the front 5 acres as a driveway? If you are wanting to be in a secluded area, this may be very important for what you are wanting in the property.
The Seller's Property Disclosure is really good basic information on the property. It covers things that they are aware of. So for example if a previous owner did not disclose something, and there was no way for the current owner to have this information, then there is a part of this that is still due diligence.
When you purchase any property, there is a due diligence that must be considered. Certain information is public record or knowledge so to speak. If you want the specific tax information, the best way to be 100 percent sure is to call the county office that handles this information. Always the best assurance is to go directly to the source. Have a question about the property setbacks? Call the city that regulates that information. Want to know what school district this home is in? Call the school districts and verify.
Humans make errors on listings, even in county tax offices. It is always best to get this information first hand from the source. If it is important, it is always best to double check, even public information.
Did you receive a copy of the Property Disclosure and have a question? It is also a good resource for your Realtor to ask more questions. They can call and get more detailed information that you may be looking for.
In Northwest Arkansas we don't see too many issues typically with Property Disclosures. We all use them as a tool, or insight into the property that we are showing.
Also, when an Offer to Purchase is accepted, we ask that within 3 business days, we have a copy of the Property Disclosure for our clients to view. Usually this is for those who have not uploaded it to the multi list.