A seller's disclosure is a paper that lists problems with the home, repairs that have been made, and the condition of the materials. It's your chance to learn about the property's past before you buy it.
Most states require a standard form, but the items that are included can be different. You can use the information to haggle over the price, ask for repairs, or just walk away. AmeriSave's home buying tools can help you figure out how a problem that was disclosed will affect your finances and monthly budget.

It depends on where the house is. Most states require sellers to fill out a written disclosure form as part of the sale. Some states follow caveat emptor rules, which means that the seller doesn't have to give a formal statement other than the federal lead paint disclosure.
Many sellers choose to give a disclosure even in states where there aren't strict rules, so they don't get into trouble later. Your AmeriSave loan officer can help you find local resources that explain what you need to do in your state.

A seller's disclosure is a document that the seller gives you that only includes what they know about the home. A licensed third-party inspector does a home inspection and looks at the property on their own. The inspection shows you what's really there, while the disclosure shows you what the seller is willing to share.
You want both. The disclosure can help with the inspection by pointing out areas that need more attention. The closing cost guide from AmeriSave shows you how inspection fees fit into the total cost of buying a home.

No. The disclosure is not a repair agreement; it is an information document. The seller is telling you what they know, but they won't promise to fix anything unless you put that in the purchase contract.
If the disclosure shows a plumbing problem that costs $7,000, you can ask for a lower price, a credit from the seller, or just walk away if the numbers don't work for you. You can use AmeriSave's mortgage calculator to see how a lower purchase price affects your monthly payment.

Yes, most of the time. Most purchase agreements have a disclosure review period, which is a set amount of time for you to read the document and decide whether or not to go through with the deal. You can usually cancel the contract during that time without losing your earnest money if the disclosure shows you something you can't live with.
The exact timeline will depend on where you live and what your contract says. Before you make an offer, talk to your agent about the review period. If you find the right property, AmeriSave's preapproval process can also help you move quickly.

Sellers of homes built before 1978 must tell buyers about any known lead-based paint hazards, give them a copy of the EPA's informational pamphlet, and give them 10 days to test the property for lead. Both parties must sign a lead warning statement that is part of the purchase contract.
This rule is true in every state, even those that don't require sellers to disclose information. If you're buying an older home, you can ask your AmeriSave loan specialist about loans that can help pay for lead removal.

If the seller won't give you a disclosure when your state requires one, that's a big red flag. You have every right to walk away from the deal if the seller is hiding known problems. Even in states where "caveat emptor" is the law, not giving a disclosure when asked can be a sign of problems you don't want to deal with.
If the seller still won't give you the document, your real estate agent can ask the seller's agent for it. A real estate attorney can help you figure out what to do next. AmeriSave's Resource Center has tips on how to stay safe while buying a home.

The seller won't make repairs if the sale is "as is," but they still have to tell the buyer about any problems. Even if the seller is selling the property as is, they still have to fill out the form if their state requires a seller's disclosure.
There are a few cases, like foreclosure sales and some estate transfers, when disclosure might not be necessary. But "as is" only changes the duty to fix things, not the duty to tell. The first-time home buyer guide from AmeriSave tells you what to look for in as-is deals.

Keep it for at least three years after closing, which is the same amount of time that the federal government says you should keep the lead paint disclosure. Some real estate lawyers say you should keep it for as long as you own the house.
If a problem that wasn't obvious when you moved in comes up months later, the signed disclosure is the main proof of what the seller told you and what was really there. AmeriSave's resources for homeowners can help you stay on top of things at every stage of ownership.

There are different rules in different states, but many of them don't require new construction that has never been lived in to make the usual disclosures. Instead, the builder might offer warranties. Even with new construction, the federal lead paint disclosure still applies if any part of the building was built before 1978. This can happen when older buildings are renovated.
No matter what, ask the builder for a warranty document and have a pre-closing inspection done. AmeriSave's construction loan options can help you pay for new homes.