The SPIS has returned from the dead

Checklist

ChecklistI 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:

  1.  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.
  2. 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.
  3. 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.

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