If you live in Long Beach and are planning on selling your home, you are obligated to disclose issues and problems that could affect your property’s value or desirability. In California, it is illegal to conceal major physical defects or past property incidents when trying to sell your home.  As a resident or property investor in California, you must submit a written disclosure of your property’s history before you can put your property on the market.
What are California’s Real Estate Disclosure Requirements?
The California Civil Code has stringent requirements when it comes to disclosing the facts about a listed property. Homeowners, real estate brokers and any other agents involved in the transaction must adhere to specific laws dealing with environmental hazards, zoning, and facts about the property for sale.
Sellers and agents must disclose any problems, even if the information affects the home’s value or desirability. California requires you to disclose this information in writing. You must also sign and date specific forms, most of which are available to real estate brokers through the California Association of Realtors. And that’s not all. You must be sure your buyer acknowledges receipt of the disclosures by signing and dating the forms as well.
How Do I Disclose Real Estate Information in California?
The Real Estate Transfer Disclosure Statement (TDS) is a form required by California Civil Code. The document requests information and details such as the condition of appliances in the house, significant defects or malfunctions in or around the structure, materials or substances, which may pose an environmental hazard, structural modifications in violation of zoning or building codes and neighborhood noise problems.
What Other Instances Must I Disclose?
The California Residential Purchase Agreement, or offer to purchase, lists the statutory disclosures you must deliver to the buyer. In addition to the TDS, they include, a Natural Hazard Disclosure Statement, which includes earthquake, fault line and flood information in the area of the home; illegal controlled substance contamination notice; notice of special tax assessments, such as supplemental property taxes; and an industrial use and military ordinance location disclosure.
California property sellers must also alert buyers to the availability of a database maintained by law enforcement authorities on the location of registered sex offenders.
How Long Do You Have to Disclose?
Before you list your property, you should disclose any information that could affect the value of your home. Â Section 14A of the California Residential Purchase Agreement, or RPA, allows for a certain number of days for the delivery of your disclosures to the buyer–usually seven days from acceptance of the RPA. The buyer usually has 17 days from acceptance to return them to you, signed and dated.
If you fail to follow through with the appropriate California state disclosures, you may face litigation later on.
Should I Get a Property Inspection?
It’s always a good idea to get a property inspection. While it does cost a little more, it will save you time and money in the long run. The results can help you determine what needs repair or replacement and will assist you with preparing any required disclosures.
Where Do I Start My California Real Estate Disclosure?
First, contact your real estate agent. Your agent will know which forms to fill out and what information is required on each document. Also, check with your city planning department for information on disclosures that might affect your sale.
Most California real estate agents are requiring that you complete disclosure forms, before they will list your property on the market.
For more information, visit http://www.dre.ca.gov/pub_disclosures.html
If you have more questions about foreclosures in Long Beach, CA, feel free to contact me @ 562-364-9505 or mark@shandrowgroup.com
Sincerely,
Mark Shandrow
Real Estate Broker
office 562-364-9505 ext 100
mark@shandrowgroup.com
Shandrow Group
3970 Atlantic Ave., 210
Long Beach, CAÂ 90807
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