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 Montana, a property disclosure statement is a requirement during the process of selling real estate. Montana law mandates that sellers of residential property must disclose to buyers any known material or significant defects in the property. This is typically done through a written disclosure statement, which should be provided before the transfer of property takes place. The disclosure covers various aspects of the property, including structural, mechanical, environmental, and other issues that could affect the property's value or desirability. If a seller knowingly withholds information about defects, they could be held liable for fraud. However, Montana law does not require the seller to search for defects but rather to disclose those that are already known. It's important for buyers to conduct their own due diligence, often including a professional home inspection, to uncover any potential issues with the property.