What is the purpose of a property disclosure statement?

The purpose of a property disclosure statement is to provide potential buyers with critical information about the property's condition. This document is designed to inform buyers about any known issues or defects within the property, such as structural problems, past repairs, and environmental concerns. By doing so, it helps buyers make informed decisions and reduces the risk of disputes arising after the sale. Transparency in property conditions is essential in real estate transactions, ensuring that buyers have a clear understanding of what they are purchasing and allowing them to assess potential risks and costs before making a commitment.

The other choices do not accurately reflect the main function of a property disclosure statement. Listing the selling price pertains to marketing the property rather than disclosing its condition. Selling quickly relates to the strategy of the sale but does not encapsulate the purpose of providing detailed information about the property's condition. Disclosing the agent's commission is often part of a separate discussion or agreement and not relevant to what the disclosure statement aims to achieve.