What must sellers provide in a real estate disclosure statement?

Sellers are required to provide information about the property's condition and any known defects in a real estate disclosure statement. This requirement is in place to protect buyers by ensuring transparency regarding any issues that could affect the property's value or safety. The disclosure statement allows buyers to make informed decisions, as they need to be aware of any potential repairs or maintenance issues that may arise after purchase. This practice aligns with fair trading principles and helps reduce the likelihood of disputes after the sale is completed.

In contrast, an estimated market value of the property is subjective and can vary depending on market conditions, making it less useful and not a standardized requirement. A list of previous owners may not provide relevant information regarding the property’s current condition, and details of tax obligations, while important for buyers, do not fall under the requirement for disclosure of property condition. Thus, the focus is squarely on the property's current state and any known defects to ensure a fair transaction.