The Seller Disclosure is an important document in the real estate transaction because it can help prevent misunderstandings and disputes between the buyer and seller. It is important for the seller to be honest and thorough when completing the disclosure form, as failing to disclose a known defect could lead to legal liability in the future. For the buyer, reviewing the Seller Disclosure can help identify potential issues with the property and make a more informed decision about whether to proceed with the purchase.