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People also ask
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Which disclosure form is provided to sellers first?
As a seller, you may be required to fill out one or more of the following: (“TDS”); (“SPQ”); Exempt Seller Disclosure (“ESD”).
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What does the seller's disclosure statement contain?
While the disclosure form will vary in format, it may contain the following: List of specific issues the homeowner must check off if the home has them. Questions about the property the seller must answer with “Yes,” “No” or “Unknown” Space to provide further explanation of the issue and if it was fixed.
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What are most seller property disclosures required for?
Most seller property disclosures are required for residential properties and vacant land. This means that when selling a residential property, the seller is legally obligated to disclose any known defects or issues with the property to potential buyers.
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How long are you liable after selling a house in CA?
The statute of limitations for a buyer to bring a lawsuit against a seller for non-disclosure or misrepresentation is generally three years from the date the buyer discovered, or reasonably should have discovered, the defect (California Code of Civil Procedure § 338).
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When must a seller provide a buyer with a copy of the seller disclosure statement quizlet?
must be provided to a buyer or lessee by a seller or landlord prior to becoming obligated under the contract.
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What does a seller have to disclose in California?
California real estate law requires sellers to disclose to buyers of their real property "any material facts known to the seller affecting the value or desirability of the real estate." To legally sell a home in California, it's important to adhere to disclosure laws.
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What is a material fact that must be disclosed?
A material fact is any fact that could affect a reasonable person's decision to buy, sell, or lease real property. All brokers have a duty to discover and disclose material facts, as mandated by General Statute 93A-6(a)(1) and by Commission Rule 58A .
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What must a seller disclose when selling a property in California?
The most commonly used form for such disclosures is the Transfer Disclosure Statement that the sellers will complete and sign. What must be disclosed? Under California law, all material facts that affect the value or desirability of the property must be disclosed to the buyer.
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