What is the primary purpose of property disclosures?

The primary purpose of property disclosures is to inform buyers of known issues that could affect the property's value or desirability. This transparency allows potential buyers to make informed decisions about their purchase. Disclosures can include details about structural issues, past repairs, environmental hazards, or other relevant factors that could influence a buyer's perception of the property. By providing this information, sellers fulfill their legal obligation to disclose material facts, while also fostering trust in the transaction process.

Options that refer to setting mortgage terms or announcing open houses do not align with the intention of property disclosures. Additionally, while providing information about the neighborhood can be helpful, it generally falls outside the scope of what property disclosures are meant to cover.