A Real Estate Disclosure Agreement is a legally binding document between a buyer and seller of real estate that outlines the condition of the property and any known problems or issues that could affect its value. This type of agreement is often required when purchasing a home or other type of real estate property. It is intended to protect both parties involved and provide full disclosure of any material facts that could affect the sale. There are two main types of Real Estate Disclosure Agreement: statutory and voluntary. A statutory disclosure agreement is required by state law and outlines all material facts, such as property boundaries, any known environmental hazards, and any other significant issues that could affect the value of the property. A voluntary disclosure agreement is usually created between the buyer and seller and outlines any additional information that is not required by law. This type of agreement often includes details about any repairs or improvements that have been completed on the property, as well as any shared amenities or features.
Real Estate Disclosure Agreement
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