Posted: Tuesday, September 26, 2023
Author: Vinny Delgado, Partner, Ranch Sales | Licensed in MT
Dear Vinny,
I'm in the process of selling my ranch, and my real estate agent has requested that I fill out a property disclosure form. I'm curious about the necessity of this document – why is it essential for me to provide such information to potential buyers? I'm concerned that disclosing any issues or problems might deter potential buyers rather than attracting them. Could you please explain the reasons behind this requirement and how it affects the selling process?
Dear Forms,
Property Disclosures are required in the State of Montana for any listing (except raw land). Property Disclosures are great because they provide a space where Sellers can disclose what they know about their property to potential Buyers. We recommend that Sellers fill out the Property Disclosure as thoroughly as possible. Yes, something on the Property Disclosure may spook a potential Buyer. However, that probably means that is not the right Buyer for your property! It is important to be as honest as possible, whether you are the Seller or the agent so that the Buyer knows everything you know about the property. If a Buyer finds out you (Seller or agent) did not disclose something about the property, that could turn into a sticky situation later on, and they could even try to sue you for damages.
