When must the Seller Disclosure be updated?

by | May 22, 2015 | Legal Tips

Agents often ask does the seller need to update the Seller Disclosure form when a contract is cancelled due to items listed on the inspection report.

South Carolina law holds that if the owner discovers after delivering the disclosure statement a material inaccuracy in the disclosure or some event or circumstance occurs causing the disclosure to be inaccurate the seller may either make reasonable repairs or correct the inaccuracy. An inspection would certainly be an event or circumstance requiring an action from the seller.

Therefore, if an item noted on an inspection report is a material question listed on the Seller Disclosure form your seller should either repair the item or update the disclosure.  Repairing the item means correcting and not simply stopping the damage.  For example, stopping a leak is not the same as repairing the damage caused by the leak. If the seller fails to update or repair, the inspection report could be used as evidence that the Seller knew of the issue and failed to comply with this statutory duty.

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