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 Vermont, a property disclosure statement is a document that a seller of real property is typically required to provide to a prospective buyer. The purpose of this statement is to disclose any known material or significant defects with the property. Vermont law mandates that sellers disclose certain information about the property's condition, such as the state of the structure, water supply, sewage system, hazardous substances, and other material defects that could affect the property's value or desirability. The disclosure must be made in good faith and based on the seller's actual knowledge at the time of the sale. Failure to disclose known defects can lead to legal liability for the seller. It is important for both buyers and sellers to understand their rights and obligations under Vermont law regarding property disclosures, and they may wish to consult with an attorney to ensure compliance and to address any disputes that arise from disclosure issues.