Thereafter, the responsibility passes on to the buyer. STAGE 3: PREPARING THE DISCLOSURE STATEMENT Preparing the disclosure statement is a very important part of the selling process. A disclosure statement is where you, as the seller, must disclose all issues or problems pertaining to the property to the best of your knowledge. Preparing the disclosure statement is critical, as it can go a long way in making or breaking a deal. Withholding issues and concealing defects such as leaky pipes or flooding issues is considered illegal. However, there’s no reason to lose sleep over this. You are only required to disclose issues that you are aware of. It’s not always a necessity to get your home professionally inspected and scoured for problems that don’t even exist. Still, it’s a very important document, and you can seek professional guidance if this is the first time you are dealing with it. Real estate attorneys and agents can help you prepare the disclosure statement to make sure that it’s legally valid, and that you stay protected against unwanted lawsuits in the future. Depending on the state where the property is located, you are likely to fill out a standardized
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