The purpose of a proper disclosure form is to disclose any known material defects or issues that may affect the property’s value or pose potential risks to the buyer. The form covers various aspects of the property, including structural components, systems, past renovations, and any known hazards or environmental concerns.
The specific information required on a proper disclosure form may vary depending on local laws and regulations. However, common items typically addressed in the disclosure include:
- Structural Issues: Any known problems or damages to the foundation, walls, roof, or other structural elements of the property.
- Plumbing and Electrical Systems: Disclosures regarding the condition of plumbing pipes, fixtures, electrical wiring, outlets, and switches.
- Heating, Ventilation, and Air Conditioning (HVAC): Information about the age, functionality, and maintenance history of the HVAC system.
- Water and Moisture Concerns: Any known issues related to water intrusion, leaks, or moisture problems in the property.
- Pest and Termite Infestation: Disclosure of past or current pest infestations and any treatments or repairs undertaken to address the issue.
- Environmental Hazards: Information regarding the presence of hazardous materials such as lead-based paint, asbestos, mold, or radon gas.
- Property History: Disclosures related to past renovations, repairs, or additions made to the property, including obtaining proper permits.
- Legal Disputes or Liens: Any pending or past legal disputes, litigation, or outstanding liens on the property.
- Neighborhood and Community Information: Disclosures about noise disturbances, zoning restrictions, or other factors that may impact the quality of living in the area.
- Other Material Facts: Any additional information deemed relevant and significant to the buyer’s decision-making process.
By providing a proper disclosure form, sellers aim to provide transparency and ensure that buyers have access to important information that could influence their decision to purchase the property. It is essential for buyers to carefully review the disclosure statement and seek professional advice to assess the property’s condition fully.
Buyers should also be aware that while sellers are expected to disclose known issues, there may still be unknown or latent defects that are not mentioned in the disclosure. Therefore, conducting independent inspections and due diligence is crucial to uncover any hidden problems before completing the purchase.