State law requires sellers to provide buyers with a Residential Property Disclosure Statement. This report indicates any known material defects in the property that the seller is aware of (ie. flooding problems, leaky roof, cracks in the foundation, faulty furnace, air conditioning or plumbing, or lot line disputes).
By indicating knowledge of any defects in a property through this report, a seller is not obligated to make repairs. However, if you have signed a contract and then receive information through this report about any defects, you can rescind the contract within the number of days stated in your contract.
Sellers must also disclose known information on lead-based paint hazards before selling a house. Sales contracts include a federal form about lead-based paint in the building. Buyers will have up to 10 days to check for lead hazards.