Can a Seller NOT fill out a Disclosure on the condition of their Home? What’s required by California Law?
January 5th, 2008 . by Mike KellyIn the greatest state of California the Seller of a property is not required to complete a Transfer Disclosure Statement on a probate/trust, REO(bank owned property)/Foreclosure, 5+units, Commercial and Land sale.
I work with a professional Fiduciary who never fills out a Transfer Disclosure Statement (TDS) and always wishes to sell “As-Is”. However, if he knows of any material facts he is required by California Law to disclose this. We as agents need to also complete OUR inspection as per California Law.
If a Seller of an owner occupied property refuses to complete a TDS we’ve either an ill-informed Realtor advising their Seller or a Seller who doesn’t fully understand their legal obligations.
Selling “As-Is” does not stop anyone fronm obtaining all the reports they feel required during their due diligence period of the contract. Some Seller’s and their agents use this as a way to let all parties know the Seller is not going to pay for any recommended repairs. I ALWAYS go back to the Seller regardless of the “As-Is” addendum if there are issues. If they don’t wish to contribute then we can either walk or accept the condition of the property.
