The Idaho Disclosure Statement is a critical document that must be part of a real estate transaction in Idaho. It is a legal document that informs buyers of any known material defects with the property they are purchasing. The Idaho Disclosure Statement also explains the legal obligations of both the buyer and seller in the real estate transaction. The Idaho Disclosure Statement is required by Idaho law and must be completed and signed by both parties before closing the transaction. There are three types of Idaho Disclosure Statements: the Residential Real Property Disclosure Statement, the Seller's Property Disclosure Statement, and the Limited Property Disclosure Statement. The Residential Real Property Disclosure Statement must be completed by the seller of a residential property and is the most comprehensive of the three forms. It requires sellers to disclose any known material defects regarding the property, such as any problems with the foundation, plumbing, electrical, heating, cooling, and structural components. The Seller's Property Disclosure Statement is a condensed version of the Residential Real Property Disclosure Statement and is often used when selling a property that is more than five years old. The Limited Property Disclosure Statement is used when the seller has no knowledge of material defects and disclaims any responsibility for the condition of the property.