Fill Out the Form and Forget it?  Not Necessarily

OK, there’s no such thing as a “living, breathing document” — with the possible exception of the Declaration of Independence, the U.S. Constitution, etc.

What I have in mind, though — at least in the context of residential real estate — are contracts/disclosures where one party or the other has an ongoing duty to update it if there are any material changes before closing.

Where does that most typically occur?

With the Seller’s Disclosure.

Change(s) in Status

Possible subsequent events include material damage to the home; newly-announced city projects (street, sidewalks, etc.); or changes in an existing project’s status (e.g., an assessment that switches from “pending” to “levied”).

In each case, the Seller has a duty to update their disclosure and make the Buyer aware of the change(s).

Just in case, though, Buyers are well-advised to do a careful walk-thru just before closing, as well as use a good title company to screen for issues.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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