New form to be released
The updated PAR Seller’s Property Disclosure Statement is slated to be released on September 17.
The form was updated to make sure it is meeting the needs of PAR members and will replace PAR’s existing Seller’s Disclosure. If you would like to continue using the PAR form, you will need to use this form. Sellers may also complete a Seller’s Disclosure that only asks the questions required by law. The most up-to-date “basic” disclosure form is available online from the website of the State Real Estate Commission.
Once it is released, the Seller’s Disclosure will be available through all of our electronic forms vendors and for members to print through the printable forms page of the PAR website. PAR members can access the form’s Guidelines for Preparation and Use on the Standard Forms page.
The addition of the grid along the left side of the form is the most substantive change in the appearance of the form. This grid was created to address the common complaint that the layout of the previous version of the form was confusing. The form has been structured to make it easy for the Seller to complete it and for agents to understand the responses and to determine whether anything question was not answered. All questions can now be answered “Yes,” “No,” “Unknown,” “Not Applicable.,” or completed with a written answer. Every question should be answered in one way or another to confirm that it was not skipped over.
More language has been added to the introductory paragraphs to explain who is required to complete the Seller’s Disclosure. Many of the questions have been broken apart and simplified to accommodate the grid structure described above. Questions including topics about occupancy and ownership, water supply, sewage, heating, equipment and appliances, land and soils, flooding, finances and legal issues have been added or expanded.
For additional information, please visit the Standard Forms page of the PAR website or send us your questions. A quick reference sheet for frequently asked questions can be found here.
Mike Barth is the Director of Association Services at the Pennsylvania Association of Realtors®. Follow Mike on Twitter.