What document is essential for ensuring buyers understand a property's current condition?

The Seller's Disclosure Statement is a crucial document in real estate transactions as it outlines a property’s condition from the seller’s perspective. This document is designed to provide potential buyers with important information regarding any known issues or defects with the property, such as past repairs, structural problems, or environmental hazards.

Having this statement is essential because it fosters transparency between the seller and buyer, helping buyers make informed decisions based on the property's actual condition. It can also protect the seller from future legal liabilities regarding undisclosed issues.

While an Inspection Report is beneficial for understanding a property's condition through a professional's evaluation, it depends on what the inspector identifies and may not include all potential issues known to the seller. A Market Analysis Report provides information about property values and market conditions but does not convey specific details about the individual property. A Condition Report may provide a summary of the property's state but is not typically a required document and might not have as much weight as the Seller's Disclosure, which is often mandated in real estate transactions.