Disclosures in Real Property Transactions DRE CA Gov Form
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People also ask
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Which of the following must be disclosed in the property disclosure statement?
The seller must disclose on the TDS such things as additions made without a building permit, easements, encroachments, the existence and functionality of appliances, fill dirt use, zoning problems, and neighborhood noise or nuisance problems.)
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What transactions are exempt from the transfer disclosure requirements?
Transfers of property that are exempt under Civil Code §1102 include new home sales requiring a public report, transfers pursuant to court order such as probate sales, transfers by foreclosure including deeds in lieu of foreclosure, and transfers by a fiduciary in the course of the administration of a decedent's estate ...
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What are the mandatory real estate disclosures in California?
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. There is no specific definition or rule on what is considered to be a material fact.
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Which transaction is not exempt from the TDS disclosure requirement?
The TDS is required in the sale of one to four residential units as well as transfers by exchange, installment land sale contract, lease with an option to purchase, option to purchase, or ground lease coupled with improvements.
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Which sellers are exempt from TDS?
The Transfer Disclosure Statement (TDS) is required in the state of California unless the seller (or transferor) meets one of the following conditions: Court-ordered sales such as probate sales, foreclosure sales, sale by bankruptcy trustee, eminent domain.
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Which of the following properties would be exempt from requiring a TDS?
The TDS law does not apply to residential properties of 5 or more units, commercial, industrial, vacant land or agricultural property.
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What do disclosures mean in real estate?
In general, a disclosure document is supposed to provide details about a property's condition that might negatively affect its value. Sellers who willfully conceal information can be sued and potentially convicted of a crime. Selling a property "As Is" will usually not exempt a seller from disclosures.
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Which transactions exempt a seller but not the seller's agent from preparing and delivering the TDS to a buyer?
Transactions which exempt the seller (but not the seller's agent) from preparing and delivering the statutory TDS to the buyer include transfers: by court order, such as probate, eminent domain or bankruptcy; by judicial foreclosure or trustee's sale;
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