What Should Be Included in a Sellers Disclosure Packet? Check Out One Example from San Diego
A person who has bought a home often assumes that they will be well prepared for the closing, but the truth is that it can be very different when you are selling a home. Many people have questions about sellers disclosure packets and what should be included in it. Keep reading to learn what is included in one example, this one from San Diego County.
Understanding the Purpose of the Sellers Disclosure Packet
First, let’s make sure we’re on the same page about the purpose of this product. California state and federal laws require that a number of different disclosures when a property is sold. Some of these laws are very specific in how the information should be formatted – right down to the size and type of the font. While this might seem tedious, it is important to remember that these disclosures are designed to protect both sides from issues.
As the seller, they can protect you from claims. If you are not sure if you should include something in a disclosure, then you are better off disclosing it. Something you think of as “no big deal,” could be seen very differently by the buyer. If you do not understand what is being asked, talk to an attorney. It is important that you fill out all documents as accurately as you possibly can.
Documents Required for All Transactions in California
There are a variety of documents that are generally required no matter where you are in the state. They include the preliminary title report, which is supposed by the escrow company, a market conditions advisory, a real estate transfer disclosure statement, a lead based paint disclosure if the property was built prior to 1978, supplemental disclosure questionnaire (or the seller property questionnaire), natural hazard disclosure vendor report, residential earthquake hazards report, statewide buyer and seller advisory report, receipts for environmental guide and earthquake safety, and the homeowners combined information guide.
Some Documents Will Var Based on Whether or Not the Buyer and/or Seller Has Agent
Disclosures re: real estate agency relationships are required in various situations if the buyer does or does not have an agent, and the same if the seller does or does not have an agent. Likewise, if there is a tenant living on the property at the time of the sale, then additional documents are required.
New Construction Properties Require Unique Documents
There are a host of documents required for properties that are new construction, and these will be handled by the construction company, seller, and other involved parties. If there is an HOA, then documents such as the bylaws, CC&Rs, and rules must be disclosed.
County and City Specific Documents Are Often Required
In this example of a property that was sold in San Diego County, two additional documents were required: A Transfer of Water Retrofitting Responsibility and a Water Conservation Certificate. Depending on where you are buying, there might be additional documents in the sellers disclosure packet.