When selling a property, a homeowner has two options in disclosing the "material facts" about the property. The seller can disclose what the seller knows about the property or can have the buyer waive the disclosure and buy at the buyer's own risk.
The second option is rarely utilized. The primary reason is nobody will buy a house without being told by the owner what the owner knows about the house.
In the seller's disclosure statement a couple of points are notable. First, it requires not just what you experienced yourself with the property, it also requires you to disclose what you know about the property's entire history. Second, you must be candid and honest. If you had water in the basement that you did not consider a problem, or you considered to be a one-time occurrence, or that didn't leave any identified permanent damage, you still must disclose it!
Being candid and honest pays off in many ways on a seller's disclosure statement. While there's some chance you'll scare buyers off, you'll also be able to close on a sale and move on forever, knowing you told the buyer everything you knew about the house.
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