When should the SRPDS be delivered to the buyer?

When should the SRPDS be delivered to the buyer?

• A. At least a month before closing
• B. No later than 10 days after acceptance
• C. As soon as the buyer expresses interest
• D. Only after securing a mortgage

Answer: (B)

The Seller's Real Property Disclosure Statement (SRPDS) must be provided to the buyer no later than 10 days after acceptance of the purchase contract. This requirement ensures that buyers have adequate information about a property’s condition before proceeding with the transaction. The timely delivery of this document allows buyers to make informed decisions and take necessary actions, such as negotiating repairs or deciding if they want to proceed with the purchase based on any disclosures in the SRPDS. Providing the SRPDS at least a month before closing would not align with the established timeline; it needs to be presented more promptly following the acceptance of the contract. Delivering the SRPDS as soon as the buyer expresses interest might not be practical since there needs to be an acceptance of the offer before the disclosures are required. Additionally, waiting until a mortgage is secured would not comply with the statutory time frame, potentially putting buyers at a disadvantage if the property has issues that need to be disclosed beforehand. Thus, the correct timeline set by law is crucial to ensure transparency and fairness in the real estate transaction process.

The Seller's Real Property Disclosure Statement (SRPDS) must be provided to the buyer no later than 10 days after acceptance of the purchase contract. This requirement ensures that buyers have adequate information about a property’s condition before proceeding with the transaction. The timely delivery of this document allows buyers to make informed decisions and take necessary actions, such as negotiating repairs or deciding if they want to proceed with the purchase based on any disclosures in the SRPDS.

Providing the SRPDS at least a month before closing would not align with the established timeline; it needs to be presented more promptly following the acceptance of the contract. Delivering the SRPDS as soon as the buyer expresses interest might not be practical since there needs to be an acceptance of the offer before the disclosures are required. Additionally, waiting until a mortgage is secured would not comply with the statutory time frame, potentially putting buyers at a disadvantage if the property has issues that need to be disclosed beforehand. Thus, the correct timeline set by law is crucial to ensure transparency and fairness in the real estate transaction process.