I have written before about the Seller Property Information Sheet. When I’m acting for the buyer, they’re great; when I’m acting for the seller, I don’t like them one bit. Because of the increased liability they had a habit of causing, they disappeared for quite a while, but lately I’ve been seeing them pop up again. If your realtor asks you to sign one, remember this:
- You don’t have to sign it. You can have a listing without a SPIS. If you aren’t comfortable signing it, don’t. If your agent insists, ask them why.
- If you decide to sign it, remember that everything must be absolutely accurate. If you don’t know, don’t guess; put n/a or don’t know.
- Be honest. If you lie on the SPIS, it’s the same as lying in the agreement, and you can be liable for something being untrue.
Generally, I would recommend against the SPIS if you are a seller. You are far better protected by disclosing what you know, and leaving the rest for the buyer to research on their own.
