The property disclosure statement is commonly executed by the seller of a property and delivered to the individual who is interested in buying the residence. The purpose of the form is to record any of the home’s known material defects that may be present as well as the overall condition of the structure and the appliances/systems contained within it. Although not all states demand this form be completed, most buyers will request that this be accomplished prior to entering into a contract. Purchasing parties should understand that this does not take the place of an inspection, and they should still enlist the services of a specialist to further investigate.
Add to the Purchase Agreement – Once fulfilled, the document should be included within the content of the purchase agreement that lays out the terms of the participating parties’ arrangement.
Lessors & Lessees – If you are alternatively a landlord or tenant, you may utilize the move-in checklist which is a comparable form implemented for rental properties.