CAVEAT EMPTOR
No Longer Part of
Real Estate Vernacular
Gone are the days of CAVEAT Emptor, Latin lingo for "let the buyer beware". In the past a buyer had to do all of their own "due diligence" whence purchasing a property and were forced to buy it at their own risk.
Not so in today's wild and wicked real estate World, however. Today the consumer is in the drivers seat and and has much more protection than ever before what with the many laws that put the responsibility of "DISCLOSING" the overall condition of a property on the shoulders of the "SELLER" and the BROKER/AGENT.
Buying and selling property in today's World is a very complex challenge and becoming more complicated every year as there continues to be myriad and abundant disclosure requirements and forms, forms and more forms that need to be made a part of a REAL ESTATE TRANSACTION.
As a REAL ESTATE PROFESSIONAL,
it is incumbent on you to navigate
your "PRINCIPALS" and"CUSTOMERS
and any/all "PARTIES" to the transaction
through the entire disclosure process.
Likewise as a consumer be you a "BUYER" or a "SELLER" ignorance is not an excuse in today's real estate World. It's up to you to become familiar with the many disclosure statements and requirements that can cause you to lose out on a transaction or end up costing you a lot of money, frustration and grief.
Below are some of the many examples of today's California disclosure requirements and forms. As professionals it is incumbent on us to know and use these disclosure statements and forms in everyone of our transactions.
But this isn't always the case with the average BUYER or SELLER. So here's an overview of the many statements and forms that you will be required to peruse, comprehend and sign. Please, for your own benefit, take the time to familiarize yourself with them.
If you don't understand what they're all about don't be afraid to ask your RE Professional. After all you hire them to help guide you through this often times very challenging, frustrating and complicated maze.
Transfer Disclosure Statement
Transfers Exempt from the Disclosure Requirement
Environmental Hazard Disclosures
Window Security Bars
Toxic Mold
Drug-Lab Illegal Controlled Substance
Industrial Use Disclosure
Military Ordnance Location
Local Option Real Estate Transfer Disclosure Statement (LORETDS).
Mello-Roos Disclosure
Lead-Based Paint Hazards
Natural Hazard Disclosure Statement
Special Flood Hazard Area (Any type Zone “A” or “V”)
Areas of Potential Flooding
State Fire Responsibility Area
Megan’s Law (Data Base Disclosure)
Alquist-Priolo Earthquake Fault Zoning Act
Seismic Hazards Mapping Act
Disclosing Earthquake Hazards on the NHD
Earthquake Safety Booklet
Homeowner’s Guide to Earthquake Safety Booklet
I'm sure I've missed a few so feel free to augment with comments, contributions and suggestions. Be you a buyer, seller, real estate professional or stakeholder in a real estate transaction in California please take the time to familiarize yourself with California Disclosure Forms. Each and everyone of them are a Google search away so IGNORANCE IS NO LONGER AN EXCUSE.
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