Effective July 2004, all sellers of residential resale properties will be required to provide buyers with a Property Disclosure Condition document. This document, promulgated by the LREC, shall be completed, signed and deliverd no later than the time a purchase offer is made on the property. If the disclosure is made after such time, the purchaser may terminate the contract or withdraw the offer no later than 72 hours after receiving the Property Condition Disclosure. Once a sale closes, the purchaser has no right to terminate the contract based on failure to receive a disclosure document.

The purpose of the Property Condition Disclosure document is to obligate the seller to disclose to any purchaser(s) any known material defect regarding the condition of real estate. It is part of an essential aspect of a successful transaction. Disclosures build confidence in buyers and sellers and offer peace of mind. Complete written disclosures help make a property more appealing and help reduce misunderstandings. Disclosures may strengthen bargaining by making it clear to purchasers that the selling price reflects the disclosed condition. Full and complete disclosures also protect sellers from situations that could otherwise lead to delayed closings.