Who is required to provide a property disclosure statement?

The requirement for a property disclosure statement lies primarily with the seller of the property. In real estate transactions, sellers are obligated to disclose known defects or issues with the property to prospective buyers. This is meant to ensure transparency and protect buyers from unanticipated problems after the purchase. The disclosure statement typically includes information about the condition of various aspects of the property, such as its structure, systems (like plumbing and electrical), and any environmental hazards.

While agents and financial institutions play crucial roles in the real estate transaction process, they are not responsible for providing this specific disclosure. Furthermore, local government authorities may have regulations or requirements related to property conditions, but they do not create disclosure statements for individual property sales. It is the seller's duty to produce and provide the property disclosure statement as part of the overall effort to facilitate a fair and informed transaction.