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What is a Condition Report?

ID-100125189A Real Estate Condition Report is a report disclosed by the seller regarding the condition of their property.  It is a standard state form completed by the seller, typically at the time of listing their property with a Realtor or agent.    It is not a warranty, nor is it a substitute for any inspections or warranties that the principals may wish to obtain.

The owner represents to the best of his/her knowledge the condition of their property by checking ‘Yes,’ ‘No,’ ‘N/A,’ or ‘See Experts Report’ at the end of each of the approximately 38 Property Condition Statements listed on the report.  Such statements include:

  • I am aware of defects in the roof
  • I am aware of defects in the well, including unsafe well water.
  • I am aware of boundary or lot line disputes, encroachments or encumbrances (including a joint driveway.)
  • I am aware of the proposed construction of a public project that may affect the use of the property.
  • Etc.

Sellers are given the opportunity to explain any ‘yes’ responses at the end of the report, and then are required to sign the report acknowledging that the information provided is to the best of the owner’s knowledge.  If changes should occur before a sale, the owner agrees to change any responses or submit a new report to the prospective buyer.

Both the Realtor and the buyer sign the Condition Report as an acknowledgement.

 

At McKinney Realty, LLC we believe that accurately completed Condition Reports allow us to be reliable and trustworthy buyer and seller representatives.

Image “My House” by njaj from freedigitalphotos.net

 

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