When did the Transfer Disclosure Statement law go into effect?

The Transfer Disclosure Statement law became effective in January 1987. This law is significant as it establishes requirements for sellers of residential properties to disclose certain information about the property to potential buyers. The intent is to promote transparency in real estate transactions, helping buyers make informed decisions by providing them with essential details regarding the condition of the property, any known issues, and other relevant factors. This regulations underscore the importance of full disclosure in the process of buying and selling real estate, enhancing consumer protection within the market. Knowing the effective date is crucial for real estate professionals, so they can stay compliant with legal obligations regarding disclosures during transactions.