|Real Estate Information|
California Home Seller Disclosure Duties
Property Condition - Seller's What to Expect During the Inspection Process The Transfer Disclosure Statement (T.D.S.) - Perhaps the most important paper you will complete when selling your home
Most sellers (other than institutional type) are required by law to disclose facts and defects, which materially affect the value or desirability of their home. The Transfer Disclosure Statement (TDS) helps the seller meet this requirement by providing a standardized format for most basic information. If the seller does not fully disclose, the buyer will be able to cancel the escrow, or worse find out after escrow closes - Full disclosure can reduce or eliminate the possibility of later legal action.
Often, as part of "day to day" living in a home, certain items do not function properly, are overlooked and we just accept them. Some common problems: Does your doorbell work? Is the clock on the oven operating properly? Do all windows and doors open properly? Is there safety glass in shower & sliding glass doors? Are you aware of asbestos or lead based paint? How is your water pressure? Are any of your sprinklers broken? If you have a water softener is it owned or rented? Information about an alarm system should also be noted on the T.D.S. Legally, you must also disclose any homeowner's insurance claims made in the last five years. When in doubt, disclose.
Other than mandatory government retrofit (smoke detectors, water heater strapping, etc.), most sales in Los Angeles County are "as is", subject to the buyer's approval of their inspection. There is no perfect house; problems disclosed to a buyer when a buyer is still excited about buying the home are frequently easier for the buyer to accept. Some Realtors, have the buyer acknowledge receipt and approval of the transfer disclosure at the time of the initial offer. The Physical Inspection In addition to your written disclosures, the buyer is urged to contact a professional inspector for a more thorough evaluation of the home. The inspector performs a visual examination of the home and tests to see if all major systems in the home are operating satisfactorily. The inspection is typically scheduled within ten to fourteen days after you and the buyer have accepted the terms of the Real Estate Purchase Contract. A professional home inspection is an important line of defense for both the buyer and the seller of a home. It functions like a check-up from a doctor. If doctor suspects problems exist, he/she will send you to a specialist. A professional home inspector operates in much the same way. When a problem exists with certain areas of the home, the inspector may recommend further evaluation by specialists, such as fireplace, seismic, etc.
Based on the results of the buyer's inspections and investigations, buyers have the contractual right to request, within the stipulated time frame, that you, as the seller, agree to correct certain deficiencies. As the seller, you may agree or refuse to repair these items. Depending on the severity of the defects, the buyer's request is often successfully negotiated by the agents involved.
The Termite Inspection
The structural pest control (termite) inspection is conducted by a state licensed inspector. In addition to actual termite damage, the report will indicate any type of wood destroying organisms that may be present, including fungi (sometimes called "dry rot"), which generally results from excessive moisture.
Typically the seller pays for work that deals with current infestation (Section I). If desired, the buyer typically pays for work considered to be preventative (Section II). Customarily, section I termite clearance is provided by the seller prior to close of escrow and the property will be certified to be free of active infestation.
Phyllis Harb, a California native is a Realtor/Marketing Specialist at RE/Max Tri City in La Canada, California. RE/MAX Tri-City offers additional offices in La Crescenta, Glendale, Los Feliz and Pasadena. Harb has been assisting Los Angeles County home sellers and buyers since 1989 and additionally offers over 10 years experience in real estate lending. Harb has an award winning web site @ RealtorHarb.tk & may also be contacted at 818 790-7325.
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Let the Broker Show the House
Of course you're curious, and you'd like to see what goes on when potential buyers come into your home.But real estate brokers are just about unanimous in asking that you be absent when they bring people in.
Real Estate Investing - Maximum Leveraging of Your Money
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Late Mortgage Payments Sabotage PMI Cancellation
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Popping The Real Estate Bubble Myth!
If you turn on the TV, listen to the radio, or even surf the internet, you'll notice that there is a lot of people talking about the "Real Estate Bubble", and asking the question, "when is it going to burst?" They (these so-called experts) have been saying for years that the real estate market can't continue this type of growth. These "experts" remind me of chicken little, with all of their prosphesy of doom and gloom, and the "sky is falling" syndrome.
How To Spot A Good Buy
Beauty is in the eye of the beholder, particularly when it comes to buying a home. Features that attract one home-buyer may repel another.
How to Make the Real Estate Market Work For You and Get The Most Money
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The Bubble Effect
Turn on the TV at almost any time day or night and you will find news and talk shows informing us that there is a Real Estate bubble. What is a "bubble" and how do they know? The simple principle of what goes up must come down is being applied in general thought now and many in the public are starting to buy it.
Beat the Crowd when Investing in Real Estate
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Cheap, Bargain, Real Estate; Good Deals, Below Market, Low Priced Properties Are Available...
Cheap, Bargain, Real Estate; Good Deals, Below Market, Low Priced properties are available if you know how to buy them. By Jody Hudson - Realtor since 1972.
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Use Targeted Decorating To Get A Higher Price For Your House
This article will show you how to sell your home quicker, get a higher price for it by using smart decorating techniques.The secret is to make your home feel like "my home", for the buyer.
Dont Sell Your House--Ever!
Keeping your existing house when you buy a new one could be THE most profitable financial decision you could make. Consider the following:1.
Real Estate Bankruptcy
Although real estate bankruptcy cases no longer dominate the bankruptcy courts' dockets as they did in the early nineties, but they continue to be filed with great frequency in UK. At its essence, the real estate bankruptcy is a two party dispute between mortgagee and mortgagor.
Relocation Humor: Why I Bought A House
The Rental Experience in South FloridaReaders: This is based on a true experience -- only slightly exaggerated -- part of my life of adventure.If I had read my own book, Making the Big Move, and followed my own advice, none of this would have happened! A word to the wise .
Walnut Creek Real Estate
Looking to relocate to a Californian suburb with a low crime rate, beautiful luxury homes and the convenience of being located just minutes from Oakland and San Francisco? Look no further than Walnut Creek. This city of just over 65,000 people is staying relatively stable in population, but new luxury homes are being constructed in this northern suburb all the time, and there are countless options.
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