Seller Property Questionnaire

In January 2005, the Board of Directors of the California Association of Realors ratified a new form to aid a seller in making a full disclosure about a property's condition and some other factors that might affect a buyer's decision to buy.Since the early 1980s, the old rule of "caveat emptor" (buyer beware) has been replaced with "Disclose, disclose, disclose". The California State Legislature enacted a law requqiring the seller to provide the buyer with a Seller's Transfer Disclosure form. This form is required in every residential 1-4 unit sale in the state of Califronia. There is also another disclosure form used to document seller's responses to other disclosures required by law (i.e. Did someone die on the property in the past 3 years?) This form is called the Supplemental Statutory Disclosure.The 2005 Sellers Property Disclosure is not required by statute but was designed more as a check list to aid the seller in addressing issues that might cause a buyer concern if they were undisclosed.The rule for disclosure is if you know anything at all about the property, disclose it! When in doubt, disclose. It may seem trival to disclose leaky pipes that have been fixed, but in the end, it may save you from a lawsuit. Sellers amy ask "I have had to fix the yard sprinklers many times, do I need to disclose that?" The correct answer is "Probably". Buyers may want to know that an underground sprinkler system does require maintenance.If you know, DISCLOSE.
Original post date February 27, 2007