What does the Residential Real Property Disclosure Act require sellers of residential property with 1-4 units to do?

The Residential Real Property Disclosure Act mandates that sellers of residential properties containing one to four units must notify buyers of any known defects in the property. This requirement is in place to ensure transparency and protect buyers from unforeseen issues that could affect their decision to purchase the home. Sellers must complete a disclosure form that outlines any material defects that they are aware of, providing prospective buyers with crucial information that may influence their purchasing decision. This act promotes honesty in real estate transactions and helps facilitate informed choices by potential buyers. By ensuring that sellers disclose known defects, the law helps to foster trust in the real estate market and aims to reduce future disputes over property conditions after the sale.