Welcome to class today on property disclosures:
If you’re buying or selling a home it’s crucial you have a good understanding of not only the process, but also the requirements and standards of practice when it comes to real estate disclosures.
Laws can vary from state to state, unlike the federally mandated disclosures that are a national requirement. CA is one the the states most likely leads the way when it comes to disclosures, those that are required by statue and those which are normal and customary, or required as policy by some companies. They’ve actually become the standard of the industry for most reputable REALTORS.
One of those disclosures we commonly use by practice (not statue, not yet) however yet required and mandatory by many offices is the STATEWIDE BUYER SELLER ADVISORY(SBSA). This is a 10-page Advisory for both the buyer and the seller in the real estate transaction.
Included on page one, each with bulleted points:
- BUYER RIGHTS AND DUTIES:
- SELLER RIGHTS AND DUTIES:
- BROKER RIGHTS AND DUTIES:
It’s also important to note this advisory does not replace locally required disclosures, it’s to help make parties aware of the roles and duties of each in the transaction.
I’m a firm believer in providing as much advance information possible when it comes to home buying and homes selling, that’s why I provide disclosures/advisories in advance when possible. Having the knowledge and understanding in advance can hopefully make the home buying process a little less overwhelming for consumers.
So if you’re looking real estate know how, contact me, Lynda@PreferredHomeBrokers.