2017 Califronia Transfer Disclosure Statement
The Califronia Transfer Disclosure Statement is a Document Required by Law. California Civil Code section 1102 explains that every residential seller is required to provide the buyer with a Transfer Disclosure Statement.
The TDS goves of the codition of the property, covering things like any damages, or if there is a water heater, if it is electric or gas for example. It is the responcibility of the seller to fill out the TDS to the best of their ability. In case there is any attempt to sue a seller over non-disclosure the TDS is used as evidence to protect the seller.
The TDS is important for serious buyers as it lets them get to know the property better and helps them decide wether or not they are actually interested. A seller just has to get the TDS to the buyer before the title is transfered but should be given as soon as possible. Some Sellers will prepare the TDS before even listing to avoid the potential of a buyer backing out after recieving the discloure statement.
Providing a buyer with a report or opinion prepared by a licensed engineer, land surveyor, geologist, structural pest control operator, contractor, or other expert (related to the professional’s license or expertise) may limit the liability of the seller and the real estate agent(s) when making required disclosures. The overall intention is to provide meaningful disclosures about the condition of the property being sold or transferred.
View and download – California Transfer Disclosure Statement – courtesy of Nolo.com