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Form 17 Commercial Seller Disclosure Statement Commercial
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People also ask
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What does the seller's disclosure statement contain?
While the disclosure form will vary in format, it may contain the following: List of specific issues the homeowner must check off if the home has them. Questions about the property the seller must answer with “Yes,” “No” or “Unknown” Space to provide further explanation of the issue and if it was fixed.
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Which of these is not included in the seller's disclosure?
The Seller's Disclosure is designed to clearly identify all of these, except: Terms of the loan agreement.
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What is a seller's statement?
If the property being purchased was a rental property, a Seller's Statement is required to declare that no individual was evicted before the sale.
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What is the purpose of the seller's disclosure statement?
A Seller's Disclosure is a legal document that requires sellers to provide previously undisclosed details about the property's condition that prospective buyers may find unfavorable. This document is also known as a property disclosure, and it's important for both those buying a house and for those selling a house.
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What disclosures are required for a commercial sale in California?
This four-page form is entitled the "Commercial Seller's Property Disclosure Statement" (SPDS) and contains nine sections: Ownership and Property Identification. Property Type. Utilities. Access Use. Compliance with Law/Legal Matters. Contractual Obligations. Environmental Factors. Reports/Studies.
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What should a disclosure statement include?
A disclosure statement is a financial document given to a participant in a transaction explaining key information in plain language. Disclosure statements for retirement plans must clearly spell out who contributes to the plan, contribution limits, penalties, and tax status.
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