What to do about an out of date residential property disclosure statement?
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What to do about an out of date residential property disclosure statement?
e have a home listed right now and its been on the market for almost 2 1/2 years. We filled out a Property Disclosure Statement PDS back then as required by state aw. Then 2 years later we had a small leak in the utility room, got it fixed and no damage was done. We felt we needed to fill out a new PDS and send it to our agent. We just got busy and never got around to it. Now traffic has picked up again and we would like to update the PDS form. We should have filled it out back then and dated it then but didn’t. so can we do that now and still backdate it as of 6 months ago?
Asked on January 2, 2012 under Real Estate Law, Ohio
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Good question. So long as escrow for your home has not closed yet, you can submit an updated transfer disclosure statement (tds) with respect to the small leak in the utility room that was rectified without much problems.
Simply fill in a new tds, date and sign it and submit it to your real estate agent to be dislcosed to all potential buyers. My experience in selling a home is that it is always best to overdisclose matters with the listed property than not. I would not back date the disclosure. Simply date it when you sign it and state when the problem occured with the utility room.
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