What is a 'Transfer Disclosure Statement' (TDS) in states that require it?

TRANSFER DISCLOSURE STATEMENT (TDS): Required in California (and similar forms in many states) for residential property sales. The seller completes it (not the broker) disclosing: known defects in systems and components (roof, foundation, plumbing, HVAC); prior repairs; known issues with title; neighbourhood nuisances; deaths on the property (state-specific rules); any other material facts. The TDS is a STATUTORY document — required by Civil Code 1102 in California. Consequences of failing to provide: the buyer can rescind the contract; the seller and broker can face liability. The listing agent independently investigates and completes their own portion of the TDS. Combined, both portions give the buyer a comprehensive picture of known conditions. The TDS must be provided early enough that the buyer can rescind if they don't like what they learn.