As a potential homebuyer, you may have checked out a few resources regarding the various fees, paperwork, and roadblocks that you may encounter when buying a home, and hopefully your realtor has helped you understand the process in full; but what if you are relocating to California? Buying a home in California comes with a few special mandates of which buyers may not be aware.
Below are a few key points you should keep in mind when buying specifically in California, included in the real estate subdivision of the website Lawyers.com:
- Sellers of property must provide the buyer with a Real Estate Transfer Disclosure Statement, which is a printed form that lists the features or conditions of the home, the land, and area the home is located. They must also list any possible or known problems that may affect the buyer’s willingness to purchase the home, likes structural defects, heating, plumbing, mechanical and electrical issues.
- The seller must complete a disclosure form found in the “The Homeowner’s Guide to Earthquake Safety” and make potential buyers aware of their property’s earthquake readiness.
- Condominium sellers must provide the buyer with copies of the homeowners’ association bylaws, financial statements, and other documents, as well as disclose the amount they owe for any unpaid assessments.
- The seller must disclose the operating conditions of items on the property like appliances, water heaters, or burglar alarm, as well as the existence of any environmental hazards or neighborhood noise.
- The seller must disclose whether they have knowledge of any lead-based paint in or on the property, depending on its age.
- The buyer must also be made aware of any deaths—and the circumstances of those deaths—that occur on the property within three years of the sale.
As edicts and mandates change every year, it may be beneficial to consult a real estate lawyer along with your real estate agent to ensure that your California home purchase is perfectly legal. If there is any lapse in following regulation, typically the buyer pays the price in the long run, so be sure to prepare for every eventuality.