What is a disclosure statement for a purchase agreement?

A disclosure statement for a purchase agreement is a document that is used to provide information to potential buyers about a property they are interested in purchasing. In the District of Columbia, residential real estate law requires disclosure statements for most residential real estate purchases. The disclosure statement must include any material facts about the property that may affect the buyer’s decision to purchase the property. This includes information about the condition of the property, such as any repairs that may be needed or known structural problems. It should also include any other known facts that may affect the value of the property or the buyer’s intended use of it. The disclosure statement should be completed and signed by the seller and handed to the buyer before signing a purchase agreement. This will reduce the seller’s liability in the future if the buyer discovers issues with the property after the sale. Additionally, the disclosure statement provides the buyer with peace of mind that they are making an informed decision when purchasing the property. The buyer should carefully review the disclosure statement before signing the purchase agreement. In the District of Columbia, it is recommended that buyers consult with a lawyer or real estate professional before signing a purchase agreement. They can help review the disclosure statement and purchase agreement to ensure that the buyer is protected and fully informed.

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What is a disclosure statement for a purchase agreement?

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