A seller disclosure statement is an important tool for the buyer and seller. It brings to all concerned parties a clearer picture of the home and a more accurate expectation level for the buyer. Sellers also are required (by N.C. law) to indicate any significant defects or malfunctions existing in the home's major systems.

An example: If the basement or a roof leaks, the buyer will know that this will need to be attended to before finishing off that family room downstairs or repainting the bedrooms. And if the furnace, air conditioner or hot water heater are old, but in working order, you will be prepared for its replacement when the time comes.

Sometimes the current owner may not know a property's condition, especially if the property has been a rental. Be sure to review disclosures with your agent carefully and ask all the questions you have until you feel comfortable.

Be sure to ask questions about anything that remains unclear or does not seem to be properly addressed by the forms provided to you.