You're probably aware that you have to disclose any known physical issues with your house when you're selling it—such as a leaking roof or a cracked foundation. But did you know you might have to disclose spiritual problems, as well?
Disclosures are a key part of your real estate transaction requiring sellers to document any known defects to potential buyers.
What is a Property Condition Disclosure Form?
A property condition disclosure form is a document the home seller is required by law to complete and provide to the home buyer. The PCDF is often part of the purchase agreement where the seller must disclose various key points a buyer would want to know before buying, as well as disclosing any defects or issues with the property.
Not only do disclosure documents serve to inform buyers, but they can also protect the sellers from future legal action.
Is a disclosure the same as an inspection?
Disclosure is something given to the buyer by the seller documenting their knowledge of the property. It is not the same thing as an independent home inspection. An inspection may reveal defects that the seller may not have been aware of. The buyer should always do a full property inspection before moving forward with the purchase. The home inspector checks all systems and components from the roof to the basement.
When does the buyer receive disclosure statements?
A property disclosure form should be presented to the buyer before an offer is made, and most certainly before a purchase agreement is signed.
It’s good to understand the importance of property disclosure before either buying or selling a home. For more information, visit
Bob Miller is an Associate Broker with 10 years of real estate experience as well as 15 years of service as a former Lake Placid School Board member, and is currently a 3-time elected Town Councilman in Lake Placid.