A transfer disclosure statement is one of the key documents needed if a home buyer and seller ever end up in mediation, arbitration, or court. It is a detailed checklist with 3 pages for a seller to complete prior to listing their home - or at least - prior to going into escrow. If a seller misses pertinent facts that later affect the property in a negative way (less value) then there is a problem. This is why realtors educate their sellers on the possible negative ramifications of not properly disclosing. It is absolutely critical - even 20 years + back (and legally required)!