A property disclosure statement is a written document provided by a seller of real property to the prospective buyer stating that the property has a material or significant problem or defect and disclosing the nature of the problem or defect—or stating the seller is unaware of any such problems or defects.
In Texas, a property disclosure statement is a legal document that a seller of real property is typically required to provide to a prospective buyer. The purpose of this document is to disclose any known material or significant defects or problems with the property. Texas law, specifically the Texas Property Code, requires sellers to complete a seller's disclosure notice, which includes information about the property's condition, including any known defects or malfunctions in specified systems and components of the home. The disclosure also covers items like previous repairs, existing conditions such as termite damage, and other material facts that could affect the property's value or desirability. Failure to disclose known defects can lead to legal liability for the seller. However, it's important to note that the requirement for a seller's disclosure notice does not apply to every transaction, such as when a property is sold through foreclosure, tax sale, or between certain family members.
