Property Condition Disclosure Act
Seller of an existing residential dwelling shall deliver a disclosure statement answering 48 questions on the condition of the property based on the seller’s actual knowledge. Failure to do so will result in the buyer receiving a $500 credit at closing.
- Example : Bill is selling his home to John for $275,000. Bill chooses not to execute the property condition disclosure form and John gets a $500 credit towards the purchase price.