What is the main purpose of a property disclosure statement?

The main purpose of a property disclosure statement is to inform prospective buyers about the property's condition. This document is typically provided by the seller and details any known issues, repairs, or characteristics of the property that could affect its value or desirability. By disclosing such information, the seller ensures transparency in the transaction, allowing buyers to make informed decisions about their purchase.

In real estate transactions, the property disclosure statement serves to build trust between the parties involved and minimizes the risk of disputes after the sale. It helps buyers understand what they are getting into and encourages them to conduct further due diligence if necessary.

The other options pertain to aspects of the real estate process but do not accurately reflect the intent of a property disclosure statement. Determining market value, establishing the asking price, and assessing neighborhood safety involve different considerations and processes distinct from the disclosure of a property's physical state and history.