What is the purpose of a property disclosure statement?

The purpose of a property disclosure statement is to inform potential buyers about the condition of the property. This document provides essential information regarding the physical state of the property, including any known defects, repairs made, recent issues, and overall maintenance. By disclosing these details, sellers help buyers make informed decisions regarding their purchase, potentially reducing the risk of future disputes related to the property's condition.

Providing accurate information about the condition of the property is crucial, as it fosters transparency in the transaction. Regulations often require sellers to provide this disclosure to protect buyers, ensuring that they are aware of any potential problems before finalizing the sale. This serves to create trust between the parties involved in the transaction.