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What is a Transfer Disclosure Statement in California Real Estate?

There are a lot of unique things when it comes to legal documents in the state of California. One of them is the California Transfer Disclosure Statement. At the Brockmeier Law Group, we get questions about this document all the time. It is critical for a real estate lawyer Irvine customers go to having a working knowledge of the statement, its purpose, and how they can help in the matter by following it.

Understanding the Transfer Disclosure Statement

So what exactly is the California Transfer Disclosure Statement? Under the California law in section 1102 of the California Civil Code, a transfer disclosure statement of TDS is a requirement. Every residential seller needs to complete this document for the buyer. It is a seller disclosure that a buyer will get during the contract contingency period.

Why is the Statement Important?

There are some critical components to the accurate completion of this particular document. If you as a buyer are purchasing a property that has major defects, this is the document where that information is going to reside.

This particular document is usually a major piece of evidence in a court in the event a buyer sues for non-disclosure. It is critical for sellers to fill it out correctly and with all the important information. When a buyer is thinking about purchasing a property, they may rely on the information in there to decide to move forward or not.

How a Lawyer Can Help

The legality of the document is critical. Real estate attorneys in Irvine need practice with the transfer disclosure agreement so that they can assist sellers in the proper completion of it. A real estate attorney Irvine buyers can trust will be able to explain the document, its importance, and work through its proper set-up for completion.

Real estate lawyers in Irvine are all too familiar with the California Transfer Disclosure Statement. Now that you have a sense of what the document is all about and why it is important, you can prioritize it as part of your next real estate sale.