No matter how great a home looks at first glance, a host of problems could be hiding right under that fresh coat of paint—which is why buyers will want to scrutinize certain paperwork they'll receive called property disclosure statements.
Property disclosure statements essentially outline any flaws that the home sellers (and their real estate agents) are aware of that could negatively affect the home's value. These statements are required by law in most areas of the country so buyers can know a property's good and bad points before they close the deal. Here's what all buyers need to know about real estate disclosures.
When do buyers receive property disclosure statements?
While it varies by area, most buyers will receive property disclosure statements after their offer has been accepted, says Atlanta Realtor®. That way, buyers can review this paperwork at about the same time that they typically hire a home inspector to check the property for any defects. In fact, disclosure statements can help point your inspector toward areas of a home you'd like to home in on, so try to read your disclosure statements before scheduling the inspection. Click to view Realtor.com article.