California Real Estate Sales Agreement Form

California Association of Realtors – Adobe PDF (Sample Form) Community Facilities District (CFD) (§ 1102.6b(b)) – If the property for sale is located in a district classified as Mello-Roos, the seller is required to provide the buyer with notice of disclosure of any special tax information relating to the territory. California Residential Purchase Agreement and Joint Escrow Instructions – This is the 2015 version of the California Realtors Association Purchase Agreement that can be used to determine the terms of a residential real estate transaction. Note on Water-Saving Fittings and Detectors (CC § 1101.4) – Inform the buyer about the water-saving fittings that need to be replaced in new buildings and the condition of carbon monoxide detectors. If the parties enter into a real estate transaction with an escrow account where title insurance is not issued, the buyer must receive in a separate document the notice listed in the aforementioned articles. (This obligation would most likely fall under the assignment of the trustee or real estate agent who executes the escrow account.) Under the above laws, sellers of properties located in a specific flood risk area, potential flood zone, high fire risk area, designated wilderness area, seismic fault zone or seismic hazard zone must provide potential buyers with a Natural Hazard Disclosure Statement (NHDS). Local Option (§ 1102.6a) – Some california cities and counties require that a secondary disclosure form be completed regarding data specific to the community where the property is located. The generic form is available in Adobe PDF or Microsoft Word (.docx. Property Tax Disclosure (CC § 1102.6c) – The following must be included in a 12-point policy lease agreement with a 14-point policy title: If a buyer does not receive any of the disclosures listed below, they may have 3 days to terminate their contract (or 5 days from the date of shipment) by sending a notice to the seller`s seller or seller (CC § 1102.3). California property tax law requires the appraiser to revalue real estate at the time ownership of the property changes. Because of this law, you may receive one or two additional tax bills, depending on when your loan is closed. Although not required by state law, if it is a condition of the purchase agreement or a requirement to obtain financing, the seller must provide the buyer with a copy of an inspection report from a registered structural pest control company indicating whether or not the property contains wood-destroying organisms. Transfer Disclosure Statement (TDS) (§ 1102.4) – The seller is required by law to provide the potential buyer with a completed disclosure form containing important details about the property for sale. The following required disclosures may also be included in the form: A “Notice of Special Privilege” must be obtained from any local organization that levies a special tax under the Mello-Roos Community Facilities Act and given to the purchaser.

This only applies if the seller or his representative is aware of a special tax levied on the property. Natural Hazards Disclosure Statement (NHDS) (§ 1103) – The Seller or its representative is responsible for providing the Buyer with a disclosure form informing them of possible natural hazards related to the contractually agreed place of residence. The form linked above contains the following state-mandated disclosures: The California Purchase Agreement is the official legal form used when a person wishes to sell their property to another party. Seller (or its agent) will provide Buyer with a copy of the document containing all essential provisions, disclosures and general information necessary to obtain a binding contract. As a rule, a serious deposit of money is made in the name of the buyer as a sign of good faith before the actual conclusion. Any financing related to the exchange must be determined in the form to avoid any type of dispute over the payment. A residential purchase and sale agreement in California is a contract between a physical/legal entity selling a property and the natural person/entity that wishes to purchase that property. The parties, buyer and seller, will settle the terms of this Agreement to enter into a mutually beneficial agreement. A price is set by the seller (and possibly negotiated by the buyer) and a closing date of the sale is implemented. A purchase and sale agreement also includes restrictive covenants and terms that cover everything from financing options and serious money to real estate terms and inspections.

It is legally the seller`s duty to make a disclosure that informs the buyer of any issues regarding the condition of the property. Environmental Hazards Guide for Owners, Buyers, Landlords and Tenants (§ 2079.7) – Sellers/agents can provide this information brochure to buyers to avoid having to provide additional information on environmental hazards (as they are considered sufficient data). Depending on the city where the real estate transaction is carried out, a local transfer disclosure statement may be required, including specific information about the community and neighborhood. The California Residential Purchase and Sale Agreement is a legally binding real estate agreement that sets out the key terms of a real estate transaction between a buyer and seller. Before the terms can be properly defined, the buyer and seller negotiate all aspects of the transaction until they are satisfied with the broad outlines of the agreement. The parties negotiate the purchase price, real money, type of financing, cost of inspections and reports, closing date and conditions, as well as any contingencies that must be met for the sale to be completed. Only when the parties can fully agree on the terms will both sign the document. Transfer Disclosure Statement (TDS) (CC § 1102) – Specific form to be completed by law by the seller of a residential property. A seller must complete this declaration of disclosure, which details the inventory. This is not a guarantee provided by the Seller; The buyer must always carry out inspections, but he can refer to the information contained in the declaration to negotiate the terms of the purchase contract.

Sellers can provide this seismic safety guide to potential buyers and are exempt from providing additional information about geological and seismic hazards. Compliance with Water Heaters and Smoke Detectors (HSC § 13113.8) – To inform a buyer, the smoke detector and water heater comply with state law. Fire Detector Declaration of Conformity (§ 13113.8 (b)) – This declaration must be provided to a potential buyer interested in purchasing a single-family home. You will then need to confirm the form that confirms that the seller is complying with California fire alarm laws. Any purchase agreement entered into on or after April 1, 2006 must include the notice set out in section 2079.10a(a)(3) of the Civil Code informing potential buyers that they may search the area around the property for registered sex offenders via the website linked above. Residential real estate purchase agreements usually contain promises and provisions that guarantee the condition of a property. In some states, sellers are required to provide additional documents that guarantee the condition of the property. While other states require the seller to disclose some type of problem on the property – such as. B a material defect. In California, in addition to the purchase agreement, you must complete the following documents: Megan`s Law (§ 2079.10a (a) (3)) – All residential real estate purchase agreements in the State of California must include the “Megan`s Law” clause relating to sex offenders.

Structural Pest Management Notification (§ 1099) – If included in the purchase agreement, the seller is required to provide the buyer with a report on the inspection of any structural pest. Megan`s Law – The buyer must be provided with the information necessary to search for sex offenders in the environment. Declaration of Conformity of the Water Heater (§ 19211 (b)) – Sellers of real estate must certify in writing that the water heater contained in the property is properly secured to avoid displacement in the event of an earthquake. (The form linked in the title also contains the declaration of conformity of the fire detector.) Transfer Disclosure Statement. California`s official form for disclosing known issues that could negatively impact the value of a home or pose an unreasonable risk to the safety or health of buyers. .