Why Are Disclosures So Important In a Real Estate Transaction
Yes, you have a mound of paperwork to keep track of, but disclosures insure you are protected during your real estate transaction.
So you’ve found a home, and you want to make an offer…great! First, let’s go through this eight page purchase contract along with another 2 page addendum. Now, along the way, here are some more pieces of paperwork to send you home with:
- Termination Right
- Real Estate Transfer Disclosure Statement
- Local Option Real Estate Transfer Disclosure Statement
- Natural Hazards Disclosure
- Mello-Roos Bonds and Taxes
- Property Taxes
- Ordnance Locations
- Window Security Bars
- Industrial Uses
- Methamphetamine Contamination
- Earthquake Guides
- Smoke Detector Statement of Compliance
- Disclosure Regarding Lead-Based Paint Hazards
- California’s Environmental Hazards Pamphlet
- Delivery of Structural Pest Control Inspection and Certification Reports
- Energy Conservation Retrofit and Thermal Insulation Disclosures
- Foreign Investment in Real Property Tax Act
- Notice and Disclosure to Buyer of State Withholding on Disposition of California Real Property
- Furnishing Controlling Documents and Financial Statements
- Concerning Common Interest Developments (CID’s)
- Notice Regarding the Advisability of Title Insurance
- Certification Regarding Water Heater’s Security Against Earthquake
- Data Base – Locations of Registered Sex Offenders
YIKES! THAT’S A LOT OF DISCLOSURES!
Well, yes. But you must realize that purchasing property isn’t like any other purchase you might make, and while you may feel like your hand is going to fall off while acknowledging receipt, you may realize that having ALL of the information disclosed to you UP FRONT in a real estate transaction will protect you from having to pursue recourse after the fact when you find an issue that would not have been disclosed to you by the seller otherwise. Disclosure protect both parties involved in the transaction, and makes sure that the transaction can proceed without problems down the road.
Your right to recourse in a real estate transaction.
Speaking of recourse, disclosures give you added protection against a seller who fails to truthfully disclose issues surrounding the sale of the property. These documents are valuable in protecting your rights in a real property transaction.
We’re here to answer all of your real estate questions.
As your real estate advocates, The Walker Team has over 25 years experience in the industry, and can answer all of your questions about the transaction process, how long it takes, and how to get you into the home of your dreams. Contact us for a free, no obligation consultation.
Elgin & Pilar Walker
Keller Williams VIP Properties
25124 Springfield Court Suite 100
Valencia CA 91355
Office: (661) 290-3781
Mobile: (661) 347-6248