Which party usually bears the responsibility for disclosures in a real estate transaction?

In a real estate transaction, it is typically the seller who bears the primary responsibility for disclosures. This duty stems from the seller's obligation to provide accurate information about the property being sold, including any known defects, legal issues, or conditions that may affect the property's value or livability. Sellers are required to complete disclosure forms that outline pertinent details about the property, as mandated by state laws.

By requiring sellers to disclose this information, the law helps protect buyers from unforeseen issues and ensures transparency in the transaction process. This practice also mitigates disputes that could arise after the sale regarding undisclosed problems, as buyers rely on the accuracy and honesty of the information provided by sellers.

Buyers, while having some responsibilities for due diligence, primarily depend on the disclosures made by sellers. Agents play a significant role in facilitating the transaction and ensuring compliance with disclosure requirements, but ultimately, it is the seller's responsibility to provide complete and truthful disclosures. Lenders are involved in the financing aspect but do not have a role in property disclosures.