What Is Seller Disclosure?
Seller Disclosure: A form where the seller reports known problems and facts about the home.
Also called: property disclosure statement
A seller disclosure is a form in which the seller reports known material facts and defects, such as leaks, foundation issues, past repairs, pests, permits and environmental hazards.
Requirements
Rules vary by state. Most states require a disclosure form; a few have limited requirements. Federal law requires a lead-based paint disclosure for homes built before 1978.
How to use it
- Read it before you offer, if available
- Ask follow-up questions about anything vague
- Focus your home inspection on disclosed problems
- Compare it with the inspection report
Good to know
A disclosure isn't a warranty and doesn't replace an inspection. Sellers can only disclose what they know.