When you buy a home, you want to know about it as much as possible. A buyer comes to know about the home through two things – inspections and disclosures. In my previous blog, I wrote about the inspections. Today I will like to discuss the importance of disclosures.
As standard of care and business practice we use – California Association of Realtor (CAR) disclosure forms. Seller needs to fill out these disclosure forms at the time of selling. These disclose important information about the home in sale. The purpose of disclosures is to communicate to the buyers about the home and about the sellers experience in the home.
When selling your home, your real estate agent will ask you to fill out various important forms. About 40-50 pages of forms & documents like Transfer Disclosure Statement form, Property questionnaire, Supplemental disclosure, Lead Based Paint Disclosure, Megan’s law disclosure, and Market Conditions Advisory, Water heater Carbon monoxide and smoke detector and many more. If it is a condominium complex, we have Home Owner Association (HOA) disclosures. Natural Hazard Disclosure report.
Our state, California, has stringent disclosure requirements that protect the buyer. I have seen that in my past 19 years in business, the number and type of disclosures a seller needs to make, has grown substantially.
One of the main reasons for disclosures is to prevent lawsuits after the property has been sold. So lawmakers keep coming up with more and more disclosure requirements. It is very important for a Realtor to keep on top of these important documents .
It is critical that the seller should use standard California Association of Realtor (CAR) forms and complete these forms as thoroughly and honestly as possible. The buyers should read the disclosures forms as thoroughly as possible. This will prevent headaches, assumptions, surprises, and lawsuits later on.
I personally review these disclosures with my buyers when we sit down to make an offer. So folks make sure that you select an agent who understands the home selling and buying process completely. Who is knowledgeable about the disclosures and other paperwork . An agent who guides you, educates you, and handholds you throughout the process. Who helps you make the right decisions!