RobinHood Flat Fee will supply you with the proper California Purchase Agreement, Addendum(s) & Disclosures
If you use our Transaction Coordination (TC) Service we will fill out the disclosure forms that a broker can legally fill out for a seller and show you how to fill out the forms a seller must complete. If not, we have a check list that you can download on your "Property Portal" once you sign up for our service.
California Real Estate Disclosure Requirements
When a California home is for sale, the law requires the seller to disclose certain information to prospective buyers. The disclosures are designed to let buyers make informed decisions about purchasing a property. If the seller or the seller's real estate agent fails to disclose the appropriate information, they could face fines and penalties for breaking the law.
Disclosure Required of the Seller
The seller is obligated to disclose certain information, generally related to the ownership and physical condition of the property for sale. Examples are details on the property tax, known nearby military ordnance locations and known nuisances. Other details requiring disclosure include the working condition of any appliances and features of the property, any defects or malfunctions, flooding or draining problems, the presence of lead-based paint. The Natural Hazard Disclosure Statement is mandatory and includes information on earthquake faults, flooding and drainage issues and other natural hazards. It is the seller's responsibility to order the California mandatory "Natural Hazard Disclosure" (NHD Report). If you use our TC, we will order this report for you at your expense and paid through escrow. This report ranges in cost from approximately $55 to $150. Just like a "Traditional Transaction" the seller will be responsible to cover the cost of the report. This is not part of an agent commission. If you do not use our TC, we will refer 3 companies to you.
Home Owners Association (HOA) Documents
In California, when a seller sells a property that has an (HOA), the seller has a legal obligation to disclose to a prospective buyer, their agent and their lender. This first step of the HOA disclosure happens when the listing agent places the property on the MLS, if there is a monthly, quarterly or annual fee this information must also be disclosed on the MLS. The second step - once you have a purchase contract, the title company normally will send a demand to the HOA management requesting the most recent copy of all the HOA documents and Covenants, Conditions & Restrictions (CC&Rs).
We at RobinHood highly recommend that you do not wait for a purchase agreement, order the HOA docs immediately. It can take the HOA management weeks to get the documents to you. A wise seller, will always have a complete disclosure package readily available. Our TC service will do this for you. Any cost to order the HOA & CCR docs are paid by the seller, this is over and above the agents commission. We have seen HOA docs costing as low as free and as high as $1500. As of 2018, the average cost is probably around $350.
Give us a call (800) 831-1981. We are available 7 days a week!
The information provided on this site is not legal advice and does not constitute a lawyer referral service. We are offering a Self-Help service. It is against the law for a REALTOR, Real Estate Agent or a Broker to give legal advise.