Our California Association of REALTORS® just revised and released a new purchase agreement in November. With that are even more disclosures! Now there are so many, they even offer charts for us REALTORS® to refer to for which disclosures are needed with each transaction type. The idea is to make sure the buyer and/or seller is aware of what they should be aware of, but jeez!
There are different disclosures needed depending on the particular type of transaction.
Residential 1-4 units
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Residential 5+ units
Probate/ Trust/ Bankruptcy
Foreclosure/REO
Vacant Land/ Commercial Industrial
Mobile Homes
Condos and Common Interest Developments
There's now an Agency Law Summary Chart, a Sales Disclosure Chart, New Home Disclosure Chart, Lease/Rental Disclosure Chart,
REO Disclosure Chart......
For an example: Buyers in a new condo development have approximately 11 disclosures plus 6 HOA documents. Buyers in a resale condo development should get 24 disclosures plus 8 HOA documents.
I counted 43 disclosures on the Sales Disclosure Chart alone! Handling all the disclosures is just one of the things we as REALTORS® do when representing our clients - buyers and sellers. As a buyer or seller, it is critical your agent has a grasp of the purchase agreement and which disclosures you need!
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