Real Estate: Selling or buying a “For Sale By Owner” home?

In today’s real estate market, many people decide to sell their home themselves, thereby saving a considerable realtor’s commission. Some of these sellers are not aware that Pennsylvania law requires the seller to provide a Disclosure Form to the prospective buyer of the property. The form requires the seller to disclose any significant problems with the property, so they can be addressed as part of the transaction. As a seller, it is important that this is done because it helps to offer protection against claims by the buyer, after settlement, for items which were disclosed to the buyer. As a buyer, it is important that you receive this disclosure before closing so that if there are any major issues, you can be properly informed and deal with these issues prior to settlement. As a seller, if you fail to provide this Disclosure Form to the buyer, you open yourself up to potential continuing liabilities relating to the property and its condition, even after you have sold it.