What are the statutory disclosure requirements?
Statutory disclosure requirements vary from state to state, but generally the Seller is required to disclose any known defects in the physical condition of the property that may materially affect its value, including items such as malfunctioning appliances, pest control problems, mold problems, structural issues with the home, roof defects, etc. Each state has different requirements as to what should be disclosed, so we recommend that you make yourself aware of the statutory disclosure requirements for your state. To protect yourself, in addition to completing the state-specific disclosure form provided with the purchase agreement, you should disclose any material defects affecting the Property of which you are aware. If you are unsure of what you should include, please contact an attorney.
