What should the seller's broker do regarding the Notice of Disclosure?

The seller's broker should complete the Notice of Disclosure before the purchase price is drafted because this document is essential for transparency in the transaction. The Notice of Disclosure is a formal notification that informs potential buyers of any relevant information regarding the property, including legal, physical, or environmental disclosures. By preparing this notice early in the process, the seller’s broker ensures that buyers can make informed decisions prior to entering into negotiations or drafting the purchase price, which helps to build trust and reduce the risk of disputes later on.

Completing the Notice of Disclosure before the purchase price also aligns with best practices in real estate transactions, emphasizing the importance of clear communication regarding the property's condition and any pertinent issues. This proactive approach demonstrates a commitment to ethical standards and follows the regulations set forth by the OACIQ.