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Q

What documents provided by the seller describes the condition of the property?

A. Home inspection report

B. Loan estimate

C. Comparative market analysis

D. Property disclosure

A

Answer: D. Property disclosure

Before purchasing a property, the seller or real estate agent has the legal obligation of outlining or revealing any defects or flaws associated with the home. This is very essential as it makes the buyer aware of what exactly they are dealing with. The statement given to the buyer by the seller, outlining the flaws associated with the property is called the Property disclosure statement. In some parts of the US, this statement is compulsory by law before any property deal is closed. This statement is usually given immediately an offer is made but the most important thing is that it should be given in due time so the buyer can make the right decisions before purchasing a property.

2 weeks ago
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