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hello everyone and thanks for tuning into the financial investor channel my name is Brent and today we're gonna be doing a look here at the sellers property disclosure I wanted to create more real estate investment style videos I'm in contract out right now with the three bedroom one math I made an offer on a duplex that's a four two it's two and one on one side very listen you know it's brave brand new on the market has it had any offers on it so I made an offer today on Sunday and we'll see how that one goes through so here we're gonna be doing a video on a sellers property disclosure statement so if you are brand new to the channel hit the subscribe button if you do like the content hit the like button and if you have any questions at all leave them in the comment section below I always respond to your guys's comments okay so what is the sellers property disclosure statement well whenever you're in contract and you make an offer at a home and they accept it you can ask for the sellers property disclosure statement you can ask for the lease agreement you can ask for a number of little things here but today we're gonna be talking about the property disclosure statement which is just a form that the sellers fill out that go over the conditions of the property and they have to disclose if there were any improvements renovations upgrades done that you know they're typical you know you replaced a roof you installed let's see you installed a new septic system and then you know additions to the back of the home I did a walkthrough on one of the properties that I had you know wasn't contract but they had huge issues holes in the ground it had an addition in the back that wasn't permitted it was ripping off the other pino the main portion of the house so that was not done with a city building permit so you would have to go to the city and get approved that costs extra money and I don't want to really have to deal with it they have to disclose if there's any existence of past termite problems neighborhood issues and so on so if there's any issues with the deed or the the you know any liens on the deed and so on so that's we're gonna be doing this is a typical property disclosure statement here in Oregon I'm not sure if yours may be different here but I am located here in Oregon and that's where I'm in contract with on this home so go ahead and go through here so if you ever buy a home and it's just been bought from a construction company which is what I bought I bought my own personal home back in 2013 from a brand new construction so this portion here would be fill that you would get this here initialed and sign that this is the first sale of this drawing that it's never been occupied and you would just kind of buyer would sign and date just you know verifying that they agree you know it's never been occupied as brand-new and then it could be purchased but if it if it has been occupied by either the seller or a tenant then you'd go into the following issues or the following statement so here first thing you would take a look at is my first page if you want more information than what the sellers are presenting to you from these conditions you can always ask for an architect and engineer plumber electrician roofers you can get a building inspector certified home inspector and pest and rot inspectors so I am paying from a home inspector to come out I always recommend getting a home inspection done then having to contingency for a home inspector in there so if there's you know some crazy issue with the roof the foundation because of the contingency and you had this inspection done you can actually pull out of the deal you get back your your vested money what's it called earnest money you would all you would get that all back you'd have to pay for the inspection which is maybe three hundred and seventy five dollars and then I like to ask for the pass and dry raw inspections here in Oregon to be done by the seller so I'll pay for the inspector passed and dry rot will be done and paid for by the seller and because we live in Oregon there's a bunch of homes here made out of wood and trees so pass and dry rot always recommend that there as well and this is not being occupied by the seller this is actually has a tenant in place so once I got the property disclosure statement and I already knew those a tenant in there so I asked for the lease agreement as well history for the tenant you know how long has a tenant been in place have they ever missed their their rent how often and so on are they behind so these are all questions you should ask whenever you are buying a property that has a tenant I plan on actually a removing tenant once I either take the property or if they're able to be removed prior that would be great plan on fixing it up and getting it rented at the market level right now it's rented almost near half of what it should be rented for so maybe they were doing somebody a favor there so basically this the very first thing is the title check so you these are the areas here so first thing you want to check for if there's any sort of title issues this is a huge thing because they would have to get cleared up before you could even take control of it so here there's nothing wrong with the title is there anything wrong with the deed or any sort of issues as far as limitations of the land property water rights all that that would all be listed here you can kind of pause it and go through here I don't want to name them all off because that would take forever but this is basically just title issues any sort of zoning overlay and such or actually this year here's the water issue or the water so here you would disclose if the source of the water is public community private favor well or some other way of getting water to that property then you would put it on there and there's the water source require water permit so here it's all public so no those are important otherwise it would cost additional money once you took control of the property so next here on the page three here start at the top still talking a little bit about water water rights and such bacteria has there been any sort of bacteria or plumbing problems that need to be disclosed or that need to be prepared any sort of treatments done on the water itself so plumbing is a huge thing you need to check for so kind of starting back over here let's start back on the first page here so yeah nothing big on the first page especially if you're buying it from somebody my main things here is title make sure that that title was clean because that'll cost you money to fix up the thought I'll make sure there's no liens against the issues at the boundary from the from the city next is water check to make sure that the water source is public unless you don't want a public water source if there's any permits that are needing for that source or that you have to be charged for and then also checked if there's any sort of plumbing issues or they need to be repaired and if there's many any bacteria in that property that's also important next is irrigation does that have a sprinkler system now it's not important for me to have a sprinkler system this property here is mainly gravel and what's called bark it's something else they call it you know Lowe's and Home Depot that have that I can't think of the name rain now I have it all outside my front lawn but it's just like that I can't think of it okay anyway it's kind of going over you know this property has mainly gravel over it not a whole lot of grass so they don't have a sprinkler system installed it's also gonna be a rental and sprinkler systems they can freeze over if they're not well insulated they can cause issues leaks that's just another area that can cause and spring issues so this one it's about a B Class property you know B area B Class property and no sprinkler system that's completely fine here sewage does it have access to a public sewage this is important you don't want to be pain I don't like septic tanks I don't want to pick up any properties that have septic tanks because that could cause issues that the septic tank is old 20 plus years it may need to be replaced there's a bunch of new laws in place that septic tank needs to be so far away it's just extra money getting tacked on to the cost of the home and repair cost so here Chuck if there's a septic tank and make sure it has access to the public sewage system and then everything here is just sort of applicable to the septic system and if there's any sewage system problems or repairs needed so here's another big thing make sure that on top of plumbing up here being as close that there's no sort of plumbing issues or water issues that are needed also make sure that the sewage system does not need any repairs or at least you know they mentioned that it's not here page number four this goes in the toilet and insulation so normally if it's an old property it may not have insulation within the interior walls and ceiling and floors but this house has been recently renovated just a few years ago so this one does have insulation in the ceiling and exterior wall they marked unknown and the floors I know new homes today do you have insulation on the floors they put down the foundation they put down the wood works on top and then they roll this like foam pad this insulation on top between the foundation and the ground and that's your insulation there very nice keeps your house heated when it needs to be heated and cooled when it needs to be cooled are there any issues or defections defective issues with the insulated doors or windows no depending on who you want to rent to you need to have insulated doors and windows I believe for a section a and if you want to sell the home to VA or FHA I believe they need to have insulated doors and windows to meet certain requirements dwelling in the structure has a roof ever leaked has it been repaired at all these are important things to mark so this roof has never leaked also if you're having tenants in place when I did my walkthrough on the other property they didn't have any carbon monoxide detectors they didn't have any smoke alarm systems but they had it a tenant in place that's a huge risk you can get sued taking the court on that because you're not you actually have to verify you know if the tenant itself takes it out you could be liable for them when I prefer not to look for homes that have wood stoves or fireplaces but if they do that's completely fine that actually counts here in Oregon you have to have a heat source for the tenant but you don't have to have a cooling system like an AC so as long as they have a wood stove or fireplace that's within the long but this property here doesn't have any sort of wood stove it's all heated by gas so that's pretty pretty good pretty norm though here also check for dry rot has this home had has it has huh has it had an inspection done within the past three years so has post and dry Ross structure and whole house inspection been done within the last three years yes so I am also requesting them to do it if they have a report here recently they'll probably send it to me I haven't seen it do they have any issues with moisture or sump pump in the property I'm not sure what sump pump is I'll have to check that out and then are there any sort of illegal or stuff that would be recalled action lawsuit or settlement against materials made within this home so the either mark no or not app of cool let's go on to the next page here page five so here this basically to talk about the wiring of the properties of dwelling systems and fixtures there we are how the electrical system so electrical system including wiring stitches outlets and services that all within working order and you know of the time of its purchase yes everything as far as switches outlets and service are you know are in service pipes faucets fixtures toilets that's all working and has a water heater tank so it's actually heated garbage disposal doesn't have a garbage disposal this causes a bunch of issues there's a but you can look it up a lot of people when they buy rentals luxury remove the garbage disposal because if kids or people Jam something down the garbage disposal I've heard crazy stories that people just having weird stuff jammed down there you'll get called out there your property manager will get called out there so garbage disposals just have it removed built in Ranger oven it does have a built in range in oven heating and cooling systems that has a heating system so it doesn't have a fire stove but it does have a heating system which is important and here we're talking about security systems talking about other sort of materials problems in the product with anyway so no nothing there common interest so here we went from dwelling systems and fixtures so inside the home to now common interest so is there a home owners association HOA where you would get charged additional fees and you know little things and then it would tell you is it part of an HOA who their contract number is and the address this home does not it's a single-family home detached from all of them so it does not and then I kind of go over and talk you know a couple little additions do they have a home tennis core common entry you know pools fences what needs to be maintained what's not maintained so that's all covered there huh next is the seismic why can't they click oh there there we are so seismic was this home built before 1974 so yes it was built before 1974 fvs houses house ever been bolted to its foundation so it has not been bolted to this foundation so this thing here not a huge red flag here in Oregon we very rarely have any sort of hurt you know earthquakes it's all along the coast I know there's been a couple threes along the coast but we never feel anything here where I'm located at or where I'm buying this property so not a huge thing knowing that that's not bolted to the foundation here general are there any problems with the settling soil standing water on drainage so no I know that other property had huge issues with settling and soil standing water you know had a huge leak out front plus all four corners of the house had came down does this property contain fill unknown and a bunch of other you know is there any material damage to the property as far as when floods beach movements earthquakes no no no is it in a flood plan no some people really like to not buy homes at a flood plan that's just extra insurance you need to have is there any sort of doesn't in a the slide or other geological hazard zone no any mold lead and so on septic issues no so this is just safety here a lot of safety here a lot here towards the bottom has this property ever been used as an illegal drug manufacturing or distribution sale that would be a no so good thing there and has this property been classified as a forest land urban interface no and that is basically it as far as the disclosures have to go and then on the last page they would just sign make sure you know property address and then their signature would go right here down on the bottom better remove that snippet and that is it that's your sellers property disclosure you gotta read blonde byline to really get what they're kind of going over and disclosing to you mine thing my main things was the title so make sure that the title is clean plumbing heating dry rot sewage system electrical plumbing I think we covered a lot about water sewers I like to have you know no fireplace no but a lot of those little things here and there could be removed so that is the sellers property disclosure hopefully it wasn't too long and if you guys did like that video remember to give it a thumbs up button below I am going to go ahead and do a walk-through of this home next Sunday I believe I'm gonna be doing like oh no I'm gonna be yeah I should have a video out by next Sunday of the walkthrough of this property and yeah I think that's good so thank you guys for tuning in if you do have any other questions let me know in the comment section below this here is a three-bedroom one-bath here located in Oregon made an offer on a four-bedroom two-bath so hopefully if that goes through sometime this week and I get accepted and that is it thank you guys for tuning in I will see you next time have a great day bye