Should home seller’s disclosure statement be trusted?

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Dear Barry, When we purchased our home, the seller filled out a Transfer Disclosure Statement (TDS), supposedly reporting everything that was wrong with the property. Aside from disclosing a ceiling stain in one of the closets, this form told us nothing. So we purchased the property with that understanding. After moving in, we found an endless array of plumbing and electrical problems, with repair costs exceeding $15,000. So please tell me, of what legal value is the TDS form? - Richard Dear Richard, Most states have laws that require sellers to disclose undesirable property conditions. This includes any known defect, whether it is physical damage, roof or plumbing leakage, inoperability of a component or appliance, or any condition that could adversely affect a prospective buyer's interest in the property. Compliance with this requirement compels every seller to fill out a standard disclosure form, declaring all unfavorable conditions. Unfortunately, reliance upon this form as a conve...