A disclosure document can be important for both home buyers and sellers. When an owner sells a property, they are typically required to disclose information in a written document. The requirements vary based on state and local laws.
In general, a disclosure document is supposed to provide details about a property’s condition that might negatively affect its value. Sellers who willfully conceal information can be sued and potentially convicted of a crime. Selling a property “As Is” will usually not exempt a seller from disclosures.
Disclosure rules can affect anyone selling a home. Still, they’re especially likely to affect property flippers, who buy properties to upgrade them and resell them for a quick profit. Property flippers often deal with properties in poor condition.