A California purchase and sale agreement is a contract between an individual/entity that sells a property and the individual/entity that intends to acquire the property. The parties, buyers and sellers, will settle the terms of the agreement in order to reach a mutually beneficial agreement. A price is set by the seller (and may be negotiated by the buyer) and a sale date is implemented. A purchase and sale contract also includes agreements and provisions that cover everything from financing opportunities and serious money to the state of real estate and inspections. It is legally required to include a disclosure that informs the purchaser of all matters relating to the condition of the property. If a buyer does not receive any of the information listed below, they may have 3 days to terminate their contract (or 5 days from the date of shipment) by notifying the Seller or Seller`s Representative (CC 1102.3). Real Estate Tax Advertising (C No. 1102.6c) – what must be included in a 12-point writing rental agreement with a 14-point title: Transfer Disclosure Statement (TDS) (CC 1102) – Specific form prescribed by law to be completed by the seller of a residential property. Local Option Real Estate Transfer Disclosure Statement (CC No. 1102.6a) – Only complete if required by local jurisdiction. Water conservation devices and detectors (CC 1101.4) – Inform the purchaser of water features that need to be replaced during the construction and condition of carbon monoxide detectors. Water heater and smoke detector compliance (HSC 13113.8) – To inform a buyer, smoke detectors and water heaters comply with national law. Natural Hazard Disclosure Statement (ZK 1103.1) – The seller must supplement if the property is located near a natural hazard zone.
The Environmental Hazards Pamphlet (CC 2079.7) – A copy must be given to the buyer. Wood-destroying parasites and body inspection reports (PCB 8516) – At the end of the inspection, to give to the buyer. Note of your “additional” Property Tax Bill Homeowner`s Guide to Earthquake Safety (CC No. 2079.8, CC No. 2079.9) – Necessary to be given to the buyer. Additional tax bills will not be sent to your lender. If you have ensured that your property taxes are paid through a foreclosure account, the additional tax bills are not paid by your lender. It is your responsibility to pay these additional bills directly to the collector. If you have any questions about this, please contact your local mailing office. California property tax law requires the assessor to reassess the property at the time of the property modification. Under this act, you can receive one or two additional tax bills depending on the closing date of your loan.
Megan`s Law – the buyer must be provided with the necessary information to search the environment of sex offenders.