A seller's disclosure letter is a document that discloses whatever an individual seller knows about the property being sold. The federal government requires the paper to ensure sellers are not engaging in false or misleading practices to gain a lower price. The seller or their representative can provide this disclosure letter.
Reasons Why Seller's Disclosure is Important
1. Protects Buyer- In addition to protecting the government, this document is essential because it protects potential buyers. When a property has been bought and sold several times, the chances of something being hidden or left undone are much higher. A seller's disclosure allows buyers to be aware before making a purchase.
2. Some States Require Sellers Disclose- Some states…
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