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California Home Seller Disclosure Duties
Property Condition - Seller's What to Expect During the Inspection Process The Transfer Disclosure Statement (T.D.S.) - Perhaps the most important paper you will complete when selling your home
Most sellers (other than institutional type) are required by law to disclose facts and defects, which materially affect the value or desirability of their home. The Transfer Disclosure Statement (TDS) helps the seller meet this requirement by providing a standardized format for most basic information. If the seller does not fully disclose, the buyer will be able to cancel the escrow, or worse find out after escrow closes - Full disclosure can reduce or eliminate the possibility of later legal action.
Often, as part of "day to day" living in a home, certain items do not function properly, are overlooked and we just accept them. Some common problems: Does your doorbell work? Is the clock on the oven operating properly? Do all windows and doors open properly? Is there safety glass in shower & sliding glass doors? Are you aware of asbestos or lead based paint? How is your water pressure? Are any of your sprinklers broken? If you have a water softener is it owned or rented? Information about an alarm system should also be noted on the T.D.S. Legally, you must also disclose any homeowner's insurance claims made in the last five years. When in doubt, disclose.
Other than mandatory government retrofit (smoke detectors, water heater strapping, etc.), most sales in Los Angeles County are "as is", subject to the buyer's approval of their inspection. There is no perfect house; problems disclosed to a buyer when a buyer is still excited about buying the home are frequently easier for the buyer to accept. Some Realtors, have the buyer acknowledge receipt and approval of the transfer disclosure at the time of the initial offer. The Physical Inspection In addition to your written disclosures, the buyer is urged to contact a professional inspector for a more thorough evaluation of the home. The inspector performs a visual examination of the home and tests to see if all major systems in the home are operating satisfactorily. The inspection is typically scheduled within ten to fourteen days after you and the buyer have accepted the terms of the Real Estate Purchase Contract. A professional home inspection is an important line of defense for both the buyer and the seller of a home. It functions like a check-up from a doctor. If doctor suspects problems exist, he/she will send you to a specialist. A professional home inspector operates in much the same way. When a problem exists with certain areas of the home, the inspector may recommend further evaluation by specialists, such as fireplace, seismic, etc.
Based on the results of the buyer's inspections and investigations, buyers have the contractual right to request, within the stipulated time frame, that you, as the seller, agree to correct certain deficiencies. As the seller, you may agree or refuse to repair these items. Depending on the severity of the defects, the buyer's request is often successfully negotiated by the agents involved.
The Termite Inspection
The structural pest control (termite) inspection is conducted by a state licensed inspector. In addition to actual termite damage, the report will indicate any type of wood destroying organisms that may be present, including fungi (sometimes called "dry rot"), which generally results from excessive moisture.
Typically the seller pays for work that deals with current infestation (Section I). If desired, the buyer typically pays for work considered to be preventative (Section II). Customarily, section I termite clearance is provided by the seller prior to close of escrow and the property will be certified to be free of active infestation.
Phyllis Harb, a California native is a Realtor/Marketing Specialist at RE/Max Tri City in La Canada, California. RE/MAX Tri-City offers additional offices in La Crescenta, Glendale, Los Feliz and Pasadena. Harb has been assisting Los Angeles County home sellers and buyers since 1989 and additionally offers over 10 years experience in real estate lending. Harb has an award winning web site @ http://www.RealtorHarb.com & may also be contacted at 818 790-7325.
Golf and Waterfront Living: Live, Play, Relax
With today's planned lifestyle communities, golf and boating enthusiasts have an opportunity to purchase the home of their dreams just a chip shot away from the green or stone's throw from the marina. In addition to an ideal home setting, golf and waterfront community residents enjoy an active and diversified lifestyle experience complete with first-class golf courses, marinas, beaches, spas, clubhouses, recreation areas, fine dining and countless other amenities.
Investing in Residential Real Estate: Achieving Positive Cash Flow
When investing in real estate, it is highly desirable to achieve positive cash flow on a month-to-month basis. This is true even if you are counting on property value appreciation to supply the bulk of your desired return on investment.
I Already Have an MLS Listing, Why Do I Need an Internet Ad?
In today's real estate market, astute buyers are also looking to realize savings by dealing directly with the seller. They use internet search engines and keyword sets (Atlanta real estate advertising, Atlanta for sale by owner, Atlanta FSBO) to locate for sale by owner (FSBO) properties on the web.
Purchase Your First Home with Confidence
If you are making the transition from renter to homeowner, you're not alone. In 2004, 40 percent of homebuyers were purchasing for the first time, according to "The 2004 National Association of REALTORS® Profile of Home Buyers and Sellers.
Investing In Land
Changing social trends point to a huge rise in demand for housing within the next twenty years.With an ageing population and more single people requiring accommodation, it comes as no surprise that the government has ordered planning authorities to find more land to develop, including areas of greenbelt.
Odors Can Make or Break The Sale of Your Home
It's amazing how important the sense of smell is to many people. If you're selling your home, and this applies across the board to houses, townhouses, condos, apartments, or whatever, you need to be aware of the power of odors.
Budgeting Your Log Home: Where Do You Start?
The Log home industry has matured these last many years, but there is still a lot of confusion about how much a log home costs. Naturally, everyone wants to know the cost of the log package; however, the budgeting only starts here.
How To Get Started In Preconstruction Investing?
Through our website the most common question that we receive is "How do I get rapidly started in preconstruction investing". Realistically, you only need to take three steps on your path from being a "beginner" preconstruction investor to one that is extremely savvy.
Green Building Media Fact Sheet - Past, Present & Future
PastSpecialized, niche home builders began constructing resource-efficient, environmentally sensitive homes in the early 1970s. The home building industry coined the phrase "green building" in the late 1980s/early 1990s, turning a movement into a quiet revolution.
Grab Quick Profits As Real Estate Prices Soar
Real estate values rise and fall in cycles. Currently home prices are nearing a top in many areas.
Investment Property - Leveraging Rental Property Equity
Owning investment property is a tremendous wealth building strategy. Thousands upon thousands of individuals have amassed great wealth by investing in rental properties.
Secrets of Making Money from Real Estate - Part 2
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How to Sell Your House by Lease Options
Many people buy a house then have to move within a few years, due to divorce, relocation or financial difficulties. Without any equity though, it can be nearly impossible to find buyers and you still have realtor fees to contend with.
No More Estate Agent Fees
Follow a few simple guidelines, and marketing your own home can be easy. And it will save you thousands.
Raising Money For Property Development
In addition to finding the right property, one of the most difficult aspects of property development is being able to fund the purchase and re-development of the property before putting it back on the market.Many would-be property developers have the skills and flair for property development, but lack the financial clout to put these into practice.
How Much is that House in the Window?
With the recent release from the UK's biggest mortgage lender, the Halifax, of its latest house price report for May 2005, showing that prices fell by 0.6% last month, and prices falling just 0.
Small Town Stone House with a Long History
As a native Midwesterner, the first thing I noticed when moving to the Delaware Valley was the enormous number of fieldstone houses. Frankly, I'd never seen such a thing.
The Real Estate Agent Alphabet
Alphabet Letters after a person's name seem to bestow some kind of special prestige. PHD, MD, ESQ are common.
An Overview of Easements
Title insurance is generally associated with insuring a purchaser's or lender's interest in a particular piece of real estate. The right to use an easement is often considered less important than unencumbered title of the insured parcel.
Equity is the value of your home minus what you owe on your mortgage. For example, If Joe's home is worth $200,000 and Joe still owes $170,000, then Joe's Equity is $30,000.
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