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The transfer disclosure statement (TDS) evaluates the condition of a property. Every residential seller must complete the TDS document. It will let the buyer know about major defects at the property.

A purchase agreement is the final document used to transfer a property from the seller to the buyer, while a purchase and sale agreement specifies the terms of the transaction. Parties will sign a purchase agreement after both parties have complied with the terms of the purchase and sale agreement.

The seller must complete the ?Seller's Real Property Disclosure? form, detailing the condition of the property, known defects, and any other aspects of the property which may affect its use or value. A real estate licensee, unless he is the seller of the property, may not complete this form.

This is called the buyer's due diligence period and is typically ten days unless agreed upon otherwise in the contract. The seller is obligated to provide the Homeowner's Association Documents, and the buyer has five days to review those documents once delivered.

The seller's disclosure is a detailed questionnaire that requires the property owner to affirm under oath that there are no known defects about their property, or to fully disclose and explain defects they are aware of. The questionnaire covers major systems of the property such as: Electrical. Plumbing.

An offer is a written proposal to buy a property with conditions baked in. The buyer's agent helps to write it up and delivers it to the seller's agent. Purchase agreements are an actual agreement between the buyer and the seller also sometimes called a real estate contract.