Definition
This comprehensive document from the seller details the property's condition, history, and known defects. It's critical information for making your purchase decision.
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The seller's disclosure is often the most important document in a real estate transaction for buyers. It requires the seller to accurately report the property's condition, including structural issues, system problems, previous damage, renovations, and other relevant history. Failure to disclose material information can expose sellers to fraud liability even after closing. Buyers should carefully review the seller's disclosure and use it to inform their inspection and appraisal decisions.
Pro Tip
Compare seller's disclosure with inspection findings. Discrepancies indicate possible non-disclosure.
Example
The seller's disclosure indicated previous foundation repairs, roof age, and HVAC maintenance records.