When buying a property, it’s important to understand the condition of the property before making a purchase. One of the best ways to do this is by reviewing the property disclosure statement.
A property disclosure statement is a document that is provided by the seller of a property, outlining any known defects or issues with the property. This can include things like prior damage, repairs, and any other issues that may affect the value or livability of the property.
It’s important to note that a property disclosure statement is not a guarantee of a property’s condition. It’s just an account of the seller’s knowledge, and they have a legal obligation to disclose any known issues, but they may not be aware of all issues and the statement is not an inspection report.
The purpose of the property disclosure statement is to provide the buyer with the information they need to make an informed decision about purchasing the property. By reviewing the statement, buyers can learn about any potential issues that may need to be addressed before closing, and can factor that into their offer price. It’s always recommended that buyers review the property disclosure statement with their real estate agent and a legal professional, as they can help interpret the statement and advise on any potential issues that may need to be addressed.
It’s also important to remember that the property disclosure statement is not the only tool for evaluating a property. A home inspection and other evaluations, like pest inspection, radon inspection, and others, should also be done before closing to get a more comprehensive understanding of the property’s condition.
It’s always recommended to consult with a legal professional, a real estate agent, and an inspector for specific advice and information on the property disclosure statement.
Author: Ness Chakir, Esq.