CA Real Estate Purchasing Process - Disclosures
Reading through various sources of real estate info, it seems there needs to be a whole host of disclosures in California in the real estate purchase agreement?
What are these and what are ESSENTIAL?
Whats the process here?
1) Written letter of interest
2) Negociate & make offer
3) Sales agreement + ernest deposit
4) Closing.
??
I'm so P***ed with all the damn seminars and info, I'm just trying to research all the parts of the process I dont know yet. thanks.
Minky,
Everything I've heard about required disclosures is for Realtors. They must disclose their interest in the transaction if they are a party that is either selling or buying the property.
Having said that, it is in your best interest to disclose everything you know about a property or sell it 'as is'. If the buyer ever finds a problem with your property, they can content in court that they were not informed of the problem and purchased the property in good faith believing that the property was in good condition. In CA every transaction seems to be subject to litigation.
If you want to really be sure, get California Association of Realtors contract and read through it and meet with an RE attorney to make sure of what items must be disclosed. In my opinion, play it safe and disclose everything you know about in writing.
Robert
Here's more than you ever wanted to know about disclosures -- http://www.dre.ca.gov/disclosures.htm
Now, for about $20 you can order an eBook called "For Sale By Owner In California". It was written by a broker specifically for California and contains all of the forms and disclosures you need...all appropriate for this state. I highly recommend it to get you started.
Even if you like books in print better (I do), get the eBook because then you can print the forms out yourself. The print version is only $5 more, but doesn't come with a CD...you have to tear out and photocopy the forms (of course, this could be better if you have a junky printer...or none at all).
Find the book here: http://www.nolo.com/lawstore/products/product.cfm/ObjectID/58D40F50-094F-4575-A5EDD13F3AA36167/catid/AAFB97A1-F23E-4D6F-98DBD8C64C478126
I know I'm advertising someone else's product here, but Nolo is the best self-help legal source you'll find for California, and the prices are tremendous for the value you'll receive in the products. Also, there are lots of good free articles there on a variety of business and real estate topics.
YES!
Thank you. This is great information.
warmly,
minky.