July 28, 2017 – Important Announcement
To those in the State of Nevada selling real property (i.e. your home), changes have been made to the required Seller’s Real Property Disclosure Form (SRPD). This form is required to be completed in full and given to buyers regardless of you selling your home yourself or with an agent.
The SRPD alerts the buyer to possible issue that you know or should have reasonable knowledge about at the time of the sale. Some examples could be roof leaks; faulty circuit breakers that trip off under limited load; problems with a water softener system; trash compactors – garbage disposals – dishwashers even if you normally don’t use them; any structural or foundation problems; any additions or remodeling done without building permits and issues with mold or water damage. You are also required to specify the sources of water service (municipal, private well, community well, other) and waster water disposal. The information on the SRPD is specific, detailed and required to be answered honestly.
The recent changes include is the property if the property is subject to any kind of conservation easement. An example of a conservation easement is Southern Nevada Water Authority’s (SNWA) Water Smart Landscape Program. Under the Water Smart Landscape Program, the SNWA pays the home owner part of the cost to remove grass and other water inefficient landscaping and replace it with approved low water features. As part of the deal, a deed restriction is placed on the home restricting the installation of new unapproved landscaping or other features.. This could include not installing a pool or spa if the area of installation is subject to the restriction.
Another issue addressed in the new SRPD is installation of Solar Panels. As systems may be leased or owned and owned may be paid for or financed – it is important the buyer knows what they are and are not getting with the system.
Your failure to observe the letter of the law with regard to the Seller’s Real Property Disclosure Form could place you at financial and legal risk. If you are selling your home and have any questions – please consult a real estate attorney.