There are many types of disclosures but the most common ones include the Seller’s Disclosure, HOA Disclosures, Lead Based Paint Disclosures, Short Sale Disclosures. Basically, a disclosure is an additional addendum to your contract addressing a particular issue pertaining to the property.
Seller’s Disclosure Statment
This document is required in most cases with certain exceptions to include bank owned properties. This document allows the seller to disclose any and all items pertaining to the property that are in need of repair, have been repaired, or are detrimental to the property.
This is an additional addendum to the contract if the home is subject to a Home Owner’s Association. This document discloses the fees associated with membership along with other details pertaining to the particular HOA.
Lead Based Paint Disclosure
If a property was built prior to 1978, a Lead Based Paint Disclosure is a required additional addendum.
Short Sale Disclosure
If the property is a Short Sale, additional addendum disclosing this fact are required.