A Seller Disclosure is a set of documents completed by the seller of a home. They disclose any known issues with the property and any remodeling projects completed during the time they owned the home.
Background on the Seller's Disclosure Packet:
California, local, and federal laws mandate most of the disclosures required in a real estate sale. Some laws specify the precise format of questioning, including font size and type. If you find completing the forms to be boring and time-consuming, you are not alone. On average, it takes between 30 - 60 minutes to complete them.
While boring, disclosures protect you from claims. If you are unsure whether to disclose an item, disclose it anyway. Things you perceive as insignificant may be perceived differently by a buyer. If you do not understand a question, consult a real estate attorney. We highly recommend sellers complete these disclosures immediately after listing and show them to buyers prior to buyers submitting offers.
If this sounds like too much of a hassle for you to handle on your own, then let Listed Simply take the driver’s seat! For a low flat fee, our Transaction Management Service handles all the legal aspects of the transaction from open to close. Get a dedicated contract expert representing you 7 days a week to help you make critical decisions, negotiate to save you money, and act as your legal counsel. 😎
The info below are provided for your information only. If you're working with Listed Simply, we'll send you these documents to complete and sign (and will answer any questions you have along the way!). 😃
If you're handling your paperwork on your own, have a look at the list below of what's included in the seller disclosure packet:
General Documents for all California Transactions
Preliminary Title Report (supplied by escrow company)
Real Estate Transfer Disclosure Statement
Supplemental Disclosure Questionnaire or Seller Property Questionnaire
Statewide Buyer & Seller Advisory Receipt
Natural Hazard Disclosure Report (buy it from a vendor)
Residential Earthquake Hazards Report
Lead-Based Paint Disclosure (built prior to 1978)
Market Conditions Advisory
Receipt related to environmental guide and earthquake safety
Local County Local Disclosures (all areas of California have a version of this document)
Documents to be Included if Buyer has an Agent:
Disclosure Regarding Real Estate Agency Relationships - Buyer Broker to Buyer
Disclosure Regarding Real Estate Agency Relationships - Buyer Broker to Seller
Documents to be Included if Seller has an Agent:
Disclosure Regarding Real Estate Agency Relationships - Listing Broker to Seller
Disclosures to be Included if There is a Tenant in the Property:
Lease between the seller and the tenant
Estoppel
Tenant in possession
Disclosures to be Included in New Construction:
New Construction Disclosure and Addendum
California Civil Code sections related to new construction
Disclosures to be Included if There is an HOA (usually ordered by escrow company):
CC&Rs, bylaws, rules, and regulations of the homeowners' association
Any special restrictions affecting properties in your association, such as parking, pets, or rental of the unit
Recent association financial statements and budgets
Pending or threatened litigation against the HOA
The last 12 months of meeting minutes
The amount and use of monthly association and maintenance fees
Current and planned special assessments against the property by the HOA
Contact information for the HOA
The goal of this is to show the complexity of the escrow, which forms to use, and when. There are many other documents and addendums that are used in transactions, depending on the transaction. Escrows can be complex, click here to see how Listed Simply can act as your agent and handle all these documents on your behalf for a low flat fee.