If you are buying a home in Escondido, San Marcos, Vista and beyond, there is definitely a lot to know about the California homebuying process.
One thing that is extremely important (and sometimes overlooked) is the topic of property disclosures. Disclosures are documents that ‘disclose’ or make known certain information about the property, the neighborhood, and the Homeowner’s Association among other things. And, in the state of California, the preparation and presentation of these disclosures is mandatory.
The California Residential Purchase Agreement states (in item 6A) that the seller shall deliver to the buyer within the specified time period the statutory disclosures as required by law (including but not limited to the Federal Lead Based Paint Disclosures, the Real Estate Transfer Disclosure Statement, and the Natural Hazard Zone Disclosure Statement). And, the buyer is required return signed copies of those disclosures to the seller. (Note that the contract also has language that explains the buyer’s right to cancel if there is information on the disclosures, which the buyer does not like.)
It is vital that homebuyers review the disclosures as soon as possible. While this may seem trivial, it’s possible that there is information on the disclosures that may impact the purchase of the property. Disclosures will state whether there has been a fire on the property, an insurance claim on the property, plumbing problems, or even pending condominium complex litigation.
Let’s say for example that the homebuyer has a terrible peanut allergy. Perhaps this buyer may read on the disclosures that there was previously a peanut butter factory on the property. This information may impact the buyer’s decision to purchase the property. That’s why it is so important to provide the statutory disclosures to the buyer and the buyer’s agent in a timely manner.
So, when buying your next property in Escondido and beyond, don’t forget to check out the disclosures as soon as possible. And, by the way, no peanuts or peanut butter cookies were harmed in the publication of this post.
Photo: flickr creative commons by schwenkenstein01
