What’s a Sellers Disclosure Statement?

A Seller’s Disclosure Statement or Property Disclosure provides information on the condition of the property. i.e. Do the appliances work, is the property on well or city water, how old is the roof and does it leak, etc.  Most states ( Michigan specifically) require the seller of a home to provide one before accepting an offer. This statement is described in the Michigan Seller Disclosure Act.

In order to comply with the law, a seller should make a copy available right away. A buyer should expect a copy to be available for review right away too.  If you receive an offer  before providing the disclosure statement, be sure to provide it before you accept the offer.