What is the purpose of a vendor disclosure statement?

The purpose of a vendor disclosure statement is to ensure that potential buyers are informed about significant facts and details related to the property they are considering. This document typically includes information about the property’s condition, any existing issues, and pertinent legal or zoning matters that could influence a buyer's decision. By providing this information upfront, the vendor disclosure statement helps to promote transparency in the transaction process, allowing buyers to make informed decisions regarding their purchase.

While renovation costs, agents' commission rates, and pet policies may be important aspects of a property transaction, they are not the primary focus of the vendor disclosure statement. The main objective is to safeguard the interests of buyers by ensuring that they are aware of any significant factors that may affect their investment.