What is a disclosure statement for a purchase agreement?

A disclosure statement is a legal document that provides important details about a residential real estate purchase agreement in North Carolina. It outlines the conditions of the agreement and identifies any potential problems or defects with the property that the buyer should be aware of. For example, the disclosure statement may include information about the condition of the roof, plumbing, and other systems in the home; whether there are any potential hazards on the property, such as lead paint or asbestos; and any known code violations. The disclosure statement must be filled out and signed by both the buyer and seller prior to entering into the purchase agreement. By signing the disclosure statement, both parties agree to the conditions outlined in the document and agree to take responsibility for any potential problems that may arise. This document is important as it provides buyers with detailed information that helps them make an informed decision and helps protect both parties from potential legal issues.

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What is a disclosure statement for a purchase agreement?

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