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 and any issues that may affect its value or livability. It serves as a crucial tool in real estate transactions, providing transparency and allowing buyers to make informed decisions. By disclosing information such as known defects, past repairs, and issues like water damage or pest infestations, the seller helps establish trust and reduces the potential for disputes after the sale. This fosters a more transparent transaction process, where buyers can assess the risks and benefits associated with the property before making a purchase decision.