Many states require sellers of real property to complete a Seller’s Property Disclosure Statement (SPDS) as a part of any transaction. “The SPDS typically reveals any known material defects related to the property and provides the buyer with a historical perspective of the home, its maintenance, as well as any repairs or additions performed under the previous ownership,” says Herb. Often, however, these statements have certain exclusions, such as when a home is transferred between a husband and wife or between siblings. Another common exclusion is when a third-party seller, such as a bank or lending institution, owns the property as a result of a foreclosure. “When you purchase a foreclosure property from a bank that’s never been in the home, you lose the historical perspective as a buyer,” says Herb, who adds that a home inspection can help you learn about changes that may have occurred over the life of the property.
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