"Brady's hard work made our home purchase an extremely positive experience. At a time when the market was extremely competitive Brady was able to bring all parties to agreement, coordinate the home inspection, arrange for an appraisal and coordinate the title company activity all in less than thirty days! I intend to work with Brady in the future and recommend him to all my associates."
Rich & Jenn C, Livermore, CA
REQUIRED SELLER DISCLOSURES
Ongoing legislation has provided that the Seller must disclose any known defects about the property to any prospective Purchaser. Any and all disclosures are made in writing and provided to the Buyer according to the terms of the contract.
As your agent, we will guide you through all of the disclosures that are required to provide by law as well as the general disclosures according to your local city, the state of California and Federal laws. Below is a summary of state and federal law requirements:
Agency Disclosure: State law requires that agency relationships describing the agent's duties be disclosed to Buyer and Seller prior to entering into a listing or purchase agreement.
Real Estate Transfer Disclosure Statement (RETDS): The Seller and real estate agents must provide Buyer a completed three-page form disclosing the condition of the property (required for 1 to 4-units).
Seller's Supplement to the RETDS: Seller to provide Buyer a completed
form consisting of additional questions that comply with statutory and contractual disclosures.
Homeowner's Guide to Earthquake Safety: Required California DRE booklet describing earthquake weaknesses includes "Earthquake Hazards Report" completed by Seller.
Environmental Hazards: Guide for Homeowners and Buyers: An additional California DRE booklet about asbestos, formaldehyde, hazardous wastes, household hazardous waste, lead, mold, and radon.
Lead Based Paint Disclosure: Many housing units in California still contain lead-based paint. This paint was banned for residential use in 1978. Lead-based paint can peel, chip, and deteriorate into contaminated dust, thus becoming a hazard. A child’s ingestion of the lead-laced chips or dust may result in learning disabilities, delayed development or behavior disorders. The federal Real Estate Disclosure law requires that owners of “residential dwellings” built before 1978 to disclose to their agents and to prospective buyers or lessees/renters the known presence of or any information and any reports about lead-based paint and/or lead-based paint hazards.
Natural Hazards Disclosure (NHD): State law mandates that Seller and agent disclose if the property is in any of six different mapped natural hazard zones. These are for special flood hazard areas, dam inundation zones, very high fire hazard severity zones, state responsibility fire areas, earthquake fault zones and seismic hazard zones.
Smoke Detector Ordinance: Local and State laws require the placement of smoke detector devices in certain locations within residential properties depending on the age of the property.
Water Heater Strapping: State law requires all existing water heater be braced, anchored or strapped to resist falling due to an earthquake.
Condominium Disclosures: Includes a statement from the Homeowner's Association disclosing its financial and legal status, its CC&Rs, Budget, Bylaws and Articles of Incorporation and additional information concerning common interest developments.
Database- Locations of Registered Sex Offenders: Must give notice where perspective buyers can find information about registered sex offenders.
Notice of your Supplemental Tax Bill: Sellers must provide notice to perspective buyers that the tax assessor will revalue real property at the time of ownership change and they may receive one or two supplemental tax bills depending on when the loan closes.
Mello-Roos Act: The Mello-Roos Community Facilities Act of 1982 authorizes the formation of community facilities districts, the issuance of bonds, and the levying of special taxes to finance designated public facilities and services Seller must make a good faith effort to obtain from the district a disclosure notice concerning the special tax and must give the notice to a prospective buyer.
FIRPTA and "Cal-FIRPTA" (Foreign Investment in Real Property Tax Act): Federal and State laws require tax disclosures based on U. S. or State residency to ensure payment of taxes due to the sale of real property.
This is just a summary of the many disclosure requirements the seller must provide a perspective buyer. For a complete list, see the California department of Real Estate’s website at www.dre.ca.gov/pub_disclosures.html
As your real estate broker, we will see to it that you comply with California’s extensive disclosure law.
For Sellers
REQUIRED SELLER DISCLOSURES