It has been said that real estate is all about location location location, but right up there is disclosure disclosure disclosure. A buyer will want to know as much as possible about their prospective purchase, and a seller is required in most cases to disclose certain things about the home. It is in everyone’s best interest to disclose as much as possible up front and as soon as possible.
In California, a buyer has the right to inspect the home and the disclosure documents. A seller is required to allow the buyer reasonable access to do their inspections and to provide the required disclosures. This is normally done after escrow has opened and during the first part of the escrow period. There are several disclosure forms that ask the seller about repairs, improvements, installed appliances, known features of the home, etc. It is in the seller’s best interest to fully disclose any known material facts to the buyer during this inspection period. It is also in the buyer’s best interest to fully inspect the home since ultimately he is responsible for making the final decision to go forward with the sale or not. The required seller disclosures and the home inspection(s) are great tools to discover more about the home.
The agent is also required to disclose certain facts to the buyer and/or the seller and to provide certain advisory forms to their client to inform them of their rights, duties and obligations. These forms are updated from time to time to include more buyer/seller disclosures as new laws are implemented all the time. It truly is for the protection of all parties that these forms are read, understood and properly filled out. When a transaction is complete, I provide my clients with a CD containing all these forms and others for their records.