OWNER’S PROPERTY DISCLOSURE STATEMENT
When you list your home, your Realtor® will likely ask you to fill out an Owner’s Property Disclosure Statement. Let’s talk about what this is and why it’s important.
An Owner’s Property Disclosure Statement, or OPDS, is a form that we often will put in our Associated Documents file on the MLS, to share with potential buyers. This form is meant to disclose any adverse material facts about the home. An adverse material fact is anything that would affect a buyer’s decision to purchase. Basically, we like to live by the term “Disclose, disclose, disclose!” and anything in this document will help the buyers to make an informed decision and therefor steer clear of liability.
One question sellers often ask is “should I disclose it if it’s been taken care of?” and the easy answer is usually “yes.” It’s always better to disclose a past problem that’s been handled correctly than for the buyers to see any evidence and think that you’re hiding something. It looks better to be honest and to show that you’ve been responsible in handling any issues that have come up: it reflects the care you’ve taken, just like a clean home reflects well on any owner.
We hope this helps you understand this form better, and why it’s important to take care in filling out. As always: the more you know the better off you’ll be.