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Hear this out loud PauseIn 1985 the California General Assembly added an article to the Civil Code, § 1102 et seq., entitled "Disclosures Upon Transfer of Residential Property." (Stats. 1985, ch.
Transfers of property that are exempt under Civil Code §1102 include new home sales requiring a public report, transfers pursuant to court order such as probate sales, transfers by foreclosure including deeds in lieu of foreclosure, and transfers by a fiduciary in the course of the administration of a decedent's estate ...
A transfer disclosure statement (TDS) is required by California law in Section 1102 of the California Civil Code. This document is one of the seller disclosures that buyers receive during their contract contingency period. Its purpose is to let a buyer know of major defects in a property as required by California law.
Hear this out loud PauseAS 34.70. 010 requires that before a Transferee/Buyer (hereafter referred to as Buyer) makes a written offer of residential real property, the Transferor/Seller (hereafter referred to as Seller) must deliver a completed written disclosure form. This disclosure statement is in compliance with AS 34.70.
Note that in this case, ?this statement? refers strictly to the text of Section V. To complete the transfer disclosure statement, the buyer, seller, buyer's agent, and listing agent must sign the document. Without all of these signatures, the document is incomplete.
When Chloe Armstrong pays off the 30-year conventional loan on her Oceanside home in less than 20 years, she is thrilled. However, she is not nearly as happy when she reads the fine print on the contract, which permits her lender to charge her EXTRA interest just for paying off the loan early.