It might be called the home "lemon law."

On Jan. 1, 1995, a state law became effective requiring that all sellers of residential property provide a written statement disclosing the conditions of the property relating to title, structural, water and sewer/septic and other systems.

The law not only applies to homeowners selling their home through a licensed real estate agent, but also those who choose to sell their home by themselves.

It's a regulation designed to protect both the buyer of a home, by providing a record of any defects or other potential problems, and the seller from any future liability as a result of defects discovered after the closing of a transaction. Also included are transactions for multiple-family dwellings with up to four units, such as a duplex or fourplex, condominiums and time-shares.

According to the Washington Department of Licensing, the new law carries the following requirements:

• Within five days of signing a purchase and sale agreement for a residential property, the seller must provide to the buyer a Real Property Transfer Disclosure Statement on a prescribed form.
• This form requires disclosure, based on the seller's personal knowledge, all matters relating to title, water sources and systems, sewer and septic systems, structural concerns, mechanical systems, community associations and geographical hazards.
• Within three days of receiving this form, or an agreed-upon time period, the buyer must either accept it or give written notice of rescision of the purchase agreement.
• If the seller determines the form was not complete because of new information or circumstances, he or she can amend the statement or correct the defects. Both must be done and acknowledged by the buyer before closing. By amending the statement, the seller allows the buyer an extra three days to rescind the agreement.
• Sellers may not be held liable for inaccurate information on their disclosure form if the seller had no personal knowledge of the inaccuracy or it is based on information provided by a public agency, or a professional expert, such as an architect, surveyor or pest inspector.