Saturday, September 24, 2005

DISCLOSURES IN REAL ESTATE -FSBO too

For Sale by Owner transactions in California require a number of disclosures even if people do not have an agent. The forms are readily available. In fact, the California department of Real Estate publishes a wonderful document on their website to assist the public in complying with the law.
http://www.dre.ca.gov/disclosures.htm
"The California Department of Real Estate has published this booklet in response to an apparent need for information concerning disclosures required in real property transactions. This booklet is limited to disclosures required by statute and does not include disclosures required by agreement between the principals (buyer and seller; borrower and lender; lessee and lessor, etc.)."
It is important to have the latest versions because the law changes the wording required periodically. I recently saw a package purchase at a reputable office supply store which was not up-to-date!!
Be protected if you are a buyer as well as if you are a seller, by having the latest forms by visiting the State website listed above. California wishes to protect the consumer with accurate information regarding these disclosures. We are a great Do-it-Yourself state! Do it legally so problems do not occur.
California also publishes the statutes (specific laws) online at http://www.leginfo.ca.gov/calaw.html
For instance Civil Code Section 1102 referenced in the document above, discusses much about disclosures.

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