What must sellers disclose under seller statutory disclosures?

Sellers are required to disclose known property issues to potential buyers as part of the seller statutory disclosures. This obligation ensures that buyers are fully informed about any defects or problems that could affect their decision to purchase the property or its value. By disclosing these issues, sellers promote transparency and protect themselves from future legal disputes that could arise if a buyer discovers undisclosed problems after the sale.

This regulation is in place to foster trust in real estate transactions. The essence of the disclosure process is to enable buyers to make educated choices based on an accurate understanding of the property's condition.

While potential buyers in the area, recent renovations made, and the market value of the property may be relevant information, they do not fall under the required statutory disclosures of known property issues. Sellers are not mandated to provide information about the local buyer market, renovations unless they have created specific problems, or market value, as these aspects can be assessed by the buyers through their own research or professional appraisals. Thus, the critical focus remains on any known issues that could materially affect the property, ensuring buyer protection and fostering trust in the real estate process.