Who is exempt from completing a 'Residential Real Estate Sales Disclosure Form'?

A builder selling a newly constructed home is exempt from completing a 'Residential Real Estate Sales Disclosure Form' because new constructions typically do not require this disclosure due to the property's condition being governed under different standards. The rationale behind this exemption is that builders often provide warranties and adhere to building codes, which can substitute for the traditional disclosure obligations that apply to existing residential sales. This allows prospective buyers to make informed decisions based on the new home's conditions and the builder's reputation.

In contrast, private sellers, banks selling foreclosed properties, and real estate agents selling their own properties have different obligations concerning disclosures. Private sellers and real estate agents are typically required to disclose known material defects in a property, while banks, although they might sell properties "as-is," often have to follow specific regulations that still involve some level of disclosure.