Final answer:
The responsibility to complete the property condition disclosure documents falls primarily to the property seller. However, there are exemptions based on state laws or specific circumstances like family transfers or bank-owned properties. Any limitations on warranty disclaimers must comply with applicable state laws.
Step-by-step explanation:
The question concerns who can and cannot complete the property condition disclosure documents. It is the responsibility of the property seller to fill out these documents accurately. These disclosures are required to inform potential buyers of any known issues with the property that could affect its value or desirability. In most jurisdictions, sellers fill out these documents based on their knowledge of the property's condition, and they must do so honestly and to the best of their knowledge. There are some cases where a seller may be exempt from providing a disclosure, such as when the sale is between immediate family members, or in the case of a bank-owned property after a foreclosure.
Regarding the reference to disclaimer warranties and the limitations set forth, some states have specific laws that restrict or prohibit the exclusion of warranties in real estate transactions. Therefore, the property condition disclosure might be subject to state-specific limitations and must comply with applicable state law. If a provision in the disclosure is found to be invalid, it does not necessarily invalidate the entire agreement; instead, that specific provision is disregarded while the rest of the contract remains enforceable.