What type of information must be disclosed in a seller's disclosure notice?

A seller's disclosure notice is designed to inform potential buyers about the condition and history of the property being sold. The requirement to disclose any known issues with the property is critical because it ensures transparency in the transaction. This can include structural problems, water damage, pest infestations, or any other defects that could affect the buyer's decision-making.

By requiring the seller to disclose known issues, the law aims to protect buyers from unexpected problems that may arise after the purchase, thereby fostering trust in real estate transactions. Buyers rely on this information to assess the value of the property, make informed decisions, and negotiate terms that reflect the property's true condition.

In contrast, details about building permits and inspections, every possible financial implication, and neighborhood crime statistics may be relevant but do not fall under the mandatory disclosures required in a seller's disclosure notice. Sellers are primarily obligated to disclose material defects that they are aware of that could influence a buyer's choice to proceed with the sale. Thus, the focus is on known issues rather than broader or unrelated aspects of the property or neighborhood.