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What is a disclosure statement?

Posted by: raindrop 6 years, 4 months ago

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During escrow, there are a number of forms that will be provided by the Seller to the Buyer that lists everything a Buyer should know about the property prior to purchasing.  These forms are known as disclosure statements.

Some are required by law, and some are included to meet the standard of care for real estate professionals.  Some of these forms are boiler plate, meaning there was nothing the Seller physically completes, such as a Mold Advisory.  Some other forms are completed by the seller, and are set up in a question and answer format to help the seller remember any material facts that a Buyer deserves to know prior to closing escrow.  Other disclosures are completed by a third party, and include the Natural Hazard Disclosure statement that tell the Buyer any natural hazards that affect the property and potentially the insurability of the property.

Whether you are a Buyer or Seller, it is your Real Estate Agent's responsibility to compile the list of disclosures, insure they are thoroughly completed, and delivered to the Buyer for review and signature.  Prior to close of escrow, the Buyer and Seller both receive copies for the fully signed disclosures for each to keep for their records.

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