Happy Tuesday All:
In real estate sold in California, there are certain disclosures that are mandatory for most sellers to provide to buyers. These disclosures are designed to give the buyer an assessment of the property through the "eyes" of the seller.
One of the first things Realtors will do after sitting down with a homeowner and agreeing to market their home, is to do a visual inspection of the home. The agent can get a first hand look at the home and ask the owner questions about improvements, problems, additions, etc. It is the duty of the homeowner to disclose to the buyer any material fact that may have an impact on the buyer's decision to purchase the home. For example, if the owner completed a room addition, without a building permit, this should be disclosed to the buyer. The disclosures will ask the seller to answer a number of questions regarding the home and neighborhood. It is important to answer these questions "truthfully" and my motto is "the more disclosure the better."
There are several other disclosures that the seller has to complete and give to the buyer. One example is the Lead Based Disclosure. For homes being built in an era where lead based paint may have been used, the buyer has to be alerted to the possibility of this.
For homeowners contemplating selling their home by themselves, you may contact me and I can give you a set of these disclosures. I am just touching on the surface of all these disclosures, because each form needs it's own explanation. Just be aware, that if you are a home seller in CA, you will most likely need to provide a standard set of disclosures to your potential buyer. Remember "More disclosure is better"
It's August 4, 2009 and I am bullish on Sacramento
David Ohara
@dwo34
dwo34@aol.com
916-600-9495
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