Hazard Disclosure Form
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Who signs the natural hazard disclosure statement?
If the buyer decides that the information contained within the NHD Report is acceptable, then all parties involved in the transaction will sign a NHD statement. The timing of the report is advantageous to both the buyer and the seller because it allows buyers to review all relevant disclosures at the same time.
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Who prepares a natural hazard disclosure statement?
Under California's 1988 Natural Hazard Disclosure Act, home sellers must provide this report to inform buyers of potential risks. The report discloses if a home is: In an area prone to floods. Sitting on an earthquake fault line.
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What are the requirements for a natural hazard disclosure?
The seller must disclose to any prospective purchaser that: (1) the property is located in the area, (2) the area may contain substantial fire risks and hazards, and (3) the property is subject to the fire prevention measures contained in California Public Resources Code §4291, such as the maintenance of firebreaks ...
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Who prepares a NHD statement?
Who Prepares the Natural Hazard Disclosure Report? The NHD can be prepared by the seller (often with the help of the listing agent). However, due to the complex combination of public and private data that goes into hazard assessments, many homeowners recruit a third-party service to prepare the NHD.
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What is the Natural Hazard Disclosure Act in California?
The Natural Hazards Disclosure Act, under Sec. 1103 of the California Civil Code, states that real estate seller and brokers are legally required to disclose if the property being sold lies within one or more state or locally mapped hazard areas.
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How much does a natural hazard disclosure cost?
Our Standard Residential Report costs $69.95 and includes Natural Hazard Disclosures, a Hazard Map and Tax Information for the property in question. Our Premium Residential Report includes all of these items, as well as additional Environmental Disclosures for $99.95.
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Who pays for a NHD report?
Who pays for the natural hazard report? Natural Hazard Disclosures can be prepared by a third-party company or the seller with help from their real estate agent. If the NHD is ordered from a third-party company, the seller usually pays for it. The report typically costs between $50 and $150.
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Who may prepare a natural hazard disclosure statement to then be verified and used by the seller and their agent?
Rather, the NHD Statement is a report prepared by the seller or the seller's agent (or the NHD expert's) of their actual knowledge together with information available in public records of any natural hazards affecting the property, called actual and constructive knowledge.
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