I am guessing that the vast majority of homes 10+ years old had some sort of water damage at some point, most had probably several.My own home is only a few years old and we had the washer spring a leak and a few years later the RO system in the kitchen started leaking into the cabinet.Seller disclosures are pretty useless in my opinion.

When I look at the balances of $290K and $236K on my closing doc, I find that it is about 85 regular payments (7 years) shaved off the mortgage at an average of $825 interest per month (first payment in range $907 / last payment in range $743). 85 payments at an average of $825/month is $70K worth of interest savings in only two years.

You'll also want a lawyer to draft up the docs for you and register your mortgage on title of the property being lent on along with the promissory note.  

Let me know what you think about the doc!

After 5 months we had a bad water leak under the house.

I'd look at the closing docs for something related to the pro-ration of expenses etc and see if you have anything there that could be a clause you point to for them to cover those payments. 

Most bankers can run live pricing to help you make a final decision without having to have your credit pulled several times or fill out a dozen applications and submit docs!

There was an onboarding phase, which was mostly about uploading our financial docs and answering questions.

Also when you are under contract and get condo docs, make sure to read the meeting minutes (for the past year if available) they will indicate if there are any talks of an upcoming special assessment (which you don't want).

Assuming you have an architect, my guess is that they will lean towards using the AIA docs.