What Is a House Disclosure Statement

What Is a Real Estate Disclosure Statement? A real estate disclosure statement is a legally binding document in which the seller comes clean about any potential flaws and issues the buyer needs to know about.

What does disclosure on a house mean?

In general, a disclosure document is supposed to provide details about a property’s condition that might negatively affect its value. Sellers who willfully conceal information can be sued and potentially convicted of a crime. Selling a property “As Is” will usually not exempt a seller from disclosures.

What is a disclosure statement?

Key Takeaways. A disclosure statement is a financial document given to a participant in a transaction explaining key information in plain language. Disclosure statements for retirement plans must clearly spell out who contributes to the plan, contribution limits, penalties, and tax status.