Describe the term "property disclosure."

The term "property disclosure" refers to a statement made by the seller that outlines any known issues or defects related to the property being sold. This document is crucial in real estate transactions as it provides transparency and allows potential buyers to be informed about the condition of the property before making a purchase decision. By disclosing known problems, the seller helps mitigate future disputes or legal issues that could arise post-sale. This practice is not only beneficial for maintaining ethical standards in real estate but is often a legal requirement in many jurisdictions to ensure that sellers share important information with buyers.

Other options do not accurately capture the essence of property disclosure. Listing property tax information or requiring a form for mortgage approval do not address the seller's obligation to disclose property conditions. Similarly, while a contract between a buyer and seller is essential in real estate transactions, it does not pertain specifically to the disclosure of property defects or issues by the seller. Thus, the correct understanding of property disclosure is focused on the seller's proactive communication regarding known property issues.