Preface
Under California State Code (California Civil Code Section 1100 et seq.) Residential real estate sellers will distribute enough information to give prospective buyers the opportunity to make reasonable judgment in purchasing real estate is needed.
The two sets of laws and regulations contain the obligation to disclose sellers and sellers. Agent on residential real estate contract sales of 1 to 4 dwelling units. The first law is entitled "Disclosure on Transfer of Residential Real Estate" (California Civil Code Section 1102-1102.15). The second "Obligation to Residential Property Assignee" (California Civil Code Section 2079-2079.11) applies to the sale of licensed real estate brokers.
Disclosure statement
Once real estate is sold, the seller must send a transfer statement to future purchasers prior to transfer, in a form mandated by California State law. (Disclosure in real estate transactions from California State Real Estate Authority) * ("CA BRE"). ) Broker is the "Examining Disclosure" section statement of a distributor if a licensed broker is hired for aid purposes. He or she needs to do a reasonably competent and diligent visual inspection "to provide all the facts that seriously affect the value or desirability of the asset that such examination would disclose" . (See CA Civil Code section 2079).
Disclosure on the physical condition of property
Under state law, it is mandatory to provide all sellers with information on the transfer form concerning the physical condition of real estate, regardless of the transaction of real estate agent. Please refer to the above CA BRE form. However, some of the mandatory items necessary for the form to reject the seller are all fixtures, instruments and features, and whether each is operational. Current status of physical improvement and improvement of real estate. Additions made, structural changes or remodeling or repair made without proper authorization or not complying with building standards. It can cause slipping, slipping, or other soil problems. Problems related to floods, drainage, slope. Great damage due to fire, earthquake, flood, or landslide.
Disclosure about earthquake fault zone and earthquake hazard zone
With regard to earthquakes, under the existing law, the seller or a seller's agent must inform the prospective purchaser whether the property is in the earthquake fault zone or earthquake danger zone in the site. The earthquake fault zone is an area with superficial evidence of active faults indicating the possibility of future activities. The earthquake hazard zone includes areas subject to earthquake motions, liquefaction, landslides, or other surface destructions generated at the time of earthquakes.
State geologists create maps highlighting these zones and provide copies to each city or county where the zone exists. To inform the seller and its agent, the receipt & location of the map will be posted in the office of the county recorder, county assessor, county planning committee. If a notice is posted on the seller's city or county, the seller and his agent are obliged to notify the buyer that these maps are viewable at the above office.
Conclusion
Seller & # 39; There are many disclosure requirements based on California law, and this article is intended to be provided only as an introductory guide. Before selling your house, please consult your agency or broker or real estate attorney to ensure that you comply with disclosure laws.
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