What is a "property disclosure statement"?

A property disclosure statement is an important document that reveals the property's condition and any known issues or problems associated with it. This statement is typically provided by the seller to the prospective buyer to ensure transparency and inform the buyer about significant factors that could affect their decision to purchase the property.

This document often includes information about existing defects, repairs, or significant issues like plumbing, electrical, or structural concerns. By disclosing these details, sellers help to set expectations for the buyers and mitigate disputes that may arise after a sale.

The other options do not accurately describe the nature of a property disclosure statement. A form outlining the property's market value relates to an appraisal rather than the condition. Details about property taxes pertain to financial assessments rather than physical conditions. A summary of neighborhood amenities may provide valuable context for the buyer but does not fit the purpose of a disclosure statement, which is specifically focused on the property's physical state.