You Need to Protect Your Interests
Nothing is simple about buying a home. The buyer not only has to arrange financing, but he also must conduct the extensive due diligence checks necessary to make sure that dream house doesn’t become a nightmare later on.
The good news is that there are professionals, including real estate attorneys, who can help you protect yourself when buying a home in California. And, there are also steps you can take on your own to make your home-buying experience the best it can be.
Transfer Disclosure Statement
One of the most important protections you have when Buying A Home in California can be found in state Civil Code§ 1102. The law establishes what is called a real estate Transfer Disclosure Statement requiring sellers to inform potential buyers of any defects or problematic past history with a home.
The disclosure form covers any features that are to be included in the sale – from the kitchen stove to burglar bars on the windows to a hot tub – as well as known problems with walls, ceilings, plumbing, electrical systems and several other specifics.
And it’s not just problems with the physical characteristics that a seller must disclose. A California court ruled in Reed v. King that failure to tell a buyer about a multiple murder that had occurred in the home also was grounds to void a sale.
Still, it is never a good idea to rely solely on the seller, or to wait until the disclosure statement to learn about defects when buying a home.