DISLOSURES TO BE PROVIDED BY THE SELLERS
California law requires sellers of 1 to 4 units of real estate to make full disclosure to buyers of all known defects and hazards associated with the property being sold. In addition to the disclosures required of sellers, real estate licensees who are involved in the transaction are duty-bound to make a careful visual inspection of the property and report to the buyers any problems noted. Among the required disclosures are the following:
|Real Estate Transfer Disclosure Statement |
The real estate transfer disclosure statement, known as a TDS, requires full disclosure of the condition of the property as known to the Seller and/or observed by the agent(s). This disclosure has a built-in 3-day right of rescission if provided after the acceptance of an offer (or 5 days from the date mailed). When provided to the buyers prior to final acceptance of an offer, there is no such right of rescission. Other agreed contingencies are not affected.
Legal experts recommend that sellers provide their buyers with all information known about the property that could possibly affect the buyers' decision on whether or not to make the purchase, and at what price. If sellers fail to disclose known conditions, the seller's liability does not end at the close of escrow. Thus sellers are encouraged to disclose all relevant information.
|Seller Property Questionnaire |
|Although not required by law, this disclosure is very detailed with specificity that helps to remind sellers of items that might be overlooked without such direct questioning. It is a valuable supplement to the Transfer Disclosure Statement.|
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