Seller's Rules of Disclosure
Updated: Jan 14
Sussman & Associates talk about sellers' rules of disclosure according to California law.
When it comes to purchase and sale of residential realty, there are a few legalities that do need to be taken into consideration and this is what Sussman & Associates help buyers and sellers with.
The transfer disclosure statement is one of the most important documents for people who are looking to buy and sell homes. What this entails are the following; whenever a home is sold the sellers must provide the buyer with a proper written disclosure statement. This means that the seller needs to disclose all the pros and cons of the real estate before the transfer of the title of the property. This is very important for those that are interested in selling homes. A proper and detailed inspection of the home must be completed to ensure that everything important to the transaction is documented.
There are few things that need to be taken into consideration here which need to be disclosed. One of those is the condition of the home. The amount of repairs that are required if any, all the appliances that are being sold with the home and the conditions associated with it. This also includes any and all modifications to the property, even those that have been made without building permits and those that do not comply with building codes.
The more time spent thinking about what a particular home improvement project will demand, and clarifying each aspect in writing using unambiguous language, the less opportunity there is for misunderstanding and confusion which can lead to long delays, bad reputations, and potential legal problems.
All problems with the property must also be mentioned for example problems with drainage, flooding, soil erosion, damage from fires etc.
There is a separate disclosure about earthquakes and damage that is caused by them, or if the property is located on a fault line and more. These are places that show evidence of earthquakes and show potential of further activity in the future.
There are also a lot of other facts and details that need to be disclosed while selling or purchasing or selling a home. These are a few of them and this is very important for a few reasons, and that is to enable the buyer and seller to avoid unwanted situations later on.
The best course of action that anyone can take is to consult with a legal advisor regarding the situations and circumstances related to selling a home. This ensures that you will receive all the necessary information and guidance required by professionals regarding the do's and the don'ts that need to be followed.
For more information about our legal services, please contact us at 800-233-8521.