Non-Disclosure Issues In California State

The following article will cover:

• Definition and responsibilities of disclosure in real estate.
• Required disclosures for sellers and realtors.
• Consequences and prevention of non-disclosure.

What Is Non-Disclosure In Real Estate?

Non-disclosure in real estate occurs when a seller or realtor fails to reveal material information about a property during a sale transaction. Both the seller and the realtor have a responsibility to disclose known or perceivable material facts to the buyer.

What Type Material Issues Must A Seller Disclose?

Sellers must:

• Be forthright when answering any questions related to the property.
• Disclose any information they know that would be material to the transaction.
• Complete a detailed checklist, including information about repairs and upgrades.

Realtors must:

• Conduct a thorough walkthrough of the property, inside and out.
• Complete a visual disclosure form, noting any observable issues.

What Are The Consequences Of Non-Disclosure?

Consequences of non-disclosure include:

• The seller and/or agent being sued for non-disclosure.
• The buyer seeking damages or rescission of the sale transaction.
• Realtors potentially being reported to the Department of Real Estate.

How Can A Buyer Protect Themselves From Non-Disclosure?

Buyers can protect themselves from non-disclosure by:

• Asking the seller questions about any concerns or important factors in the transaction.
• Obtaining a real property inspection.

How Can A Seller Avoid Non-Disclosure?

To avoid non-disclosure, sellers should:

• Fill out the transfer disclosure statement honestly and accurately.
• Provide truthful and accurate answers when asked by the buyer.
• Disclose as much information as possible during the transaction.

For more information on Non-Disclosure Issues In California State, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (714) 400-2970 today.