What must vendors disclose in a Property Disclosure Statement?

In a Property Disclosure Statement, vendors are required to disclose their knowledge of known problems related to the property. This means that sellers must be honest about defects or issues they are aware of, which could affect the value of the property or the safety and enjoyment of the future occupants. This obligation ensures that potential buyers are adequately informed and can make well-considered decisions.

Disclosing known issues upholds ethical standards in real estate transactions and protects both the buyer and the seller. Buyers rely on this information when assessing the property, and any failure to disclose known problems could have legal ramifications for the seller.

While it might be beneficial for vendors to disclose every possible issue, this is not a requirement, as some potential issues may not be known to them. Financial problems related to the property often fall under other forms of disclosure or due diligence and are not explicitly part of the Property Disclosure Statement. Accuracy of all information is also important, but the focus is primarily on known problems that the seller has specific knowledge of, rather than a blanket statement about all types of possible issues or conditions.