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Tip 4. Read the Disclosure Statement

When choosing property, don't forget to ask sellers for a disclosure statement. In most areas of the country sellers must present the buyer with a disclosure listing any faults with the house, the first time you see the house or at the time you make the purchase agreement. A Property Disclosure Statement discloses the general condition of the home as well as seismic hazards, geological hazards, environmental hazards (lead paint, asbestos, radon gas), termite damage, etc. There is usually a time during which you can reject the property because of the disclosures, usually in the negotiation process. You should bring the disclosure statement along during the inspection so you can check any comments on it.

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