A prospective buyer must be given the Real Estate Transfer Disclosure Statement (TDS), which discloses the condition of a property, as soon as is reasonably possible and prior to the transfer of title in a sale.
What is transfer disclosure?
- California law, as stated in Section 1102 of the California Civil Code, mandates the use of a transfer disclosure statement (TDS).
- This document is one of the seller disclosures sent to purchasers during the contract flexibility period.
- Its objective is to disclose material faults in a property to a prospective buyer, as required by California law.
What transactions require a transfer disclosure?
- Even when selling a property without an agent, as in a "for sale by owner" transaction, the seller is still required to supply the TDS.
- For sales of newly constructed residential properties outside of subdivisions, such as a new house or a four-unit structure being erected on a lot, the TDS must also be offered.
A prospective buyer must be given the Real Estate Transfer Disclosure Statement (TDS), which discloses the condition of a property, as soon as is reasonably possible and prior to the transfer of title in a sale.
To know more about Transfer Disclosure Statement, visit:
https://brainly.com/question/17016849
#SPJ4
