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People also ask
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What are the mandatory real estate disclosures in California?
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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What is the purpose of a transfer disclosure statement?
The TDS is a document containing multiple pages. This document conveys important information, including the major defects of a given property. Any information stated on the TDS can affect the buyer's decision to move forward with the sale. The document can also be used in court if the buyer sues for non-disclosure.
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What's true about completing the transfer disclosure statement (TDS) for residential property in California?
The TDS is a document containing multiple pages. This document conveys important information, including the major defects of a given property. Any information stated on the TDS can affect the buyer's decision to move forward with the sale. The document can also be used in court if the buyer sues for non-disclosure.
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What is a transfer disclosure statement in California?
A transfer disclosure statement (TDS) is required by California law in Section 1102 of the California Civil Code. This document is one of the seller disclosures that buyers receive during their contract contingency period. Its purpose is to let a buyer know of major defects in a property as required by California law.
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Who is exempt from the transfer disclosure statement in California?
Other exemptions from of the TDS include transfers from one co-owner to another, transfers made to a spouse or child, grandchild, parent, grandparent or other direct ancestor or descendent; transfers between spouses in connection with dissolution of marriage, and various transfers to the state for failure to pay ...
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What is the purpose of the California Residential property Disclosure Statement?
The purpose of disclosure laws is to help buyers get as much information about the property they plan to purchase so they can make an informed decision. Disclosure laws help buyers present the seller with a purchase price that is more representative of their house's value because of necessary repairs.
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Who must complete the entire transfer disclosure statement?
As a broad rule, all sellers of residential real estate property containing one to four units in California must complete and provide written disclosures to the prospective buyers.
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Who must complete the entire transfer disclosure statement?
As a broad rule, all sellers of residential real estate property containing one to four units in California must complete and provide written disclosures to the prospective buyers.
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