Understanding the Property Disclosure Statement: What to Watch For

– The disclosure statement includes information about the age and condition of the property, as well as its heating and electrical systems.
– It also lists details about the utilities, municipal information, and any potential issues related to condos or multi-unit properties.
– The statement may also disclose any issues with the structure, such as the need for replacement or repair of fixtures and appliances. Additionally, it may mention any unusual conditions on the property, such as the presence of asbestos or mold. – The Disclosure Statement should be carefully examined by the buyer.
– An inspection will occur around the same time as the Disclosure Statement.
– The Property Disclosure Statement can be used to direct the inspector to potential areas of concern.
– The disclosure and inspection process brings the parties closer to closing.
– Topouzis & Associates, P.C. performs title searches to confirm or refute claims of deed and title on the Disclosure form.
– Topouzis & Associates, P.C. fixes any defects found during the title search process.

The Property Disclosure Statement: What to Look Out For