Sellers, real estate agents and lenders are obligated to disclose certain information.
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When a California home is for sale, the law requires the seller to disclose certain information to prospective buyers. The disclosures are designed to let buyers make informed decisions about purchasing a property. If the seller or the seller's real estate agent fails to disclose the appropriate information, they could face fines and penalties for breaking the law. The California Department of Real Estate helps seller and real estate agents keep track of what the law requires. Disclosures are given during several steps of the home-buying process, from sellers, real estate agents and lenders.
Disclosures Required of the Seller
The seller is obligated to disclose certain information, generally related to the ownership and physical condition of the property for sale. Examples are details on the property tax, known nearby military ordnance locations and a real estate transfer disclosure statement. Other details requiring disclosure include the working condition of any appliances and features of the property, any defects or malfunctions, flooding or draining problems, the presence of lead-based paint and methamphetamine contamination. The Natural Hazard Disclosure Statement is mandatory and includes information on earthquake faults, flooding and drainage issues and other natural hazards. All disclosures must be made in writing. Forms are available from various California government agencies to help sellers communicate this important information.
Disclosures Required of Real Estate Agents
When it comes to transferring residential real property, real estate agents must disclose certain information. For example, an agent must provide a real estate transfer statement, disclose any agency relationship with the seller and sales price information. The agent must also disclose any negotiability of real estate commissions. These documents must be signed and dated before being delivered to the prospective buyer. California law also requires agents to disclose if a death has occurred at the property within the past three years. Agents must also advise prospective buyers to check out the national registry for the locations of sex offenders.
Disclosures Required When Financing Real Property
The lender is required to disclose information to the prospective buyer. Examples include any advance fees, multi-lender transaction information, notice of transfer of loan servicing, notice of the borrower's right to a copy of the appraisal report, lending credit terms, whether an agent receives compensation from a lender and an adjustable rate loan disclosure if applicable.
Failure to Disclose
If the seller of the property or the seller's real estate agent do not disclose what is required by law, they are liable for actual damages that the buyer suffers. Sellers cannot omit information, nor can they provide false information to the prospective buyer. The sellers are required to pass on to the prospective buyer any written expert assessments or inspections performed on the property. The lack of disclosure won't affect the sale, but the liability for repairs and damages rests with the seller.
Source: http://homeguides.sfgate.com/california-real-estate-disclosure-requirements-45724.html
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