Q: How important is the Form 17, Seller's Disclosure Statement?

Our listing agent has asked us to fill it out so she can put it online with our listing and we want to wait until we get a buyer.

A: I agree with your agent the the Form 17 (a form put out by the multiple listing service that sellers are required to fill out) is very important. Not having it available for potential buyers is a serious mistake. It may lead buyers to wonder what the seller is hiding when the form isn't available. Having the form online shows buyers that you are willing to disclose what you know about your property up front.

You should go over it carefully and be sure you know what you want to say before you fill it out. I see these forms all the time with answers crossed out and other answers checked. That's a red flag to potential buyers. They often ask if I think you lied, changed your mind, or just didn't know anything.

You should also remember that some answers require explanation. You can add a sheet of paper with comments on it to explain any answers that require it. A good example that I saw recently was, "Has the roof ever leaked?" The sellers marked, "I don't know." The first reaction my client, who was interested in the house, had was, "Of course they should know if the roof has leaked. What are they hiding?"

I think that question is not well-worded and that the seller probably meant that he wouldn't know if the roof ever leaked in the past, before he owned it. It would have helped to explain his answer by adding language that the roof hadn't leaked during his ownership.

I saw another Form 17 today that had dozens of answers crossed out and other answers inserted. That would give a buyer pause. Did the seller not know his own mind, or was he just sloppy? Many buyers would think that he reconsidered his answers to hide defects.

So, yes, I think it is a very important document.