Buying or selling a house can be one of the most strenuous and emotionally taxing endeavors to endure. Land is expensive and dwelling spaces come in all shapes and sizes that generally consist of countless tradeoffs. Fundamentally a house is a source of shelter so it should be structurally reliable, but that’s not always the case. And even considering design, homeowners want to feel proud, energized and rejuvenated by their interior surroundings. Many homes are often out of date and lack those elements.
When you are selling a house in California, the game takes an interesting turn. It is the seller’s responsibility to disclose all issues to the buyer to authenticate the deal. Failing to disclose critical details, whether intentionally or unintentionally, can be grounds for nullifying the contract and the buyer can back out of the purchase. It is always important to be forthcoming with information. This can prevent a lawsuit from coming back around to bite you or other serious and costly consequences.
To maintain integrity with the sale whether in optimal or challenging market conditions, here are the top details to disclose when selling a house in California:
Death in the house:
Normally if there has been a death in the house within the last three years, you must disclose the incident and the cause (e.g. death due to a disease, or death due to natural causes). However, if more than three years has passed, you’re not required to disclose it proactively, but if the buyer inquires then you must be truthful and disclose the incident.
Repair history and existing issues:
Any replacements and reconstructions in the past and prevailing issues at present should be conveyed so the buyer can take extra care while inspecting the property. In addition, communicate everything from issues due to roof issues, soil movement, excess noise, fencing, plumbing, electrical maintenance, etc.
Hazardous and toxic substances:
If the house is prone to disasters or environmental contagion of any kind, let the buyer know so they have a chance to consider whether they’re willing to take the risk or can take protective measures, if required. Moreover, inform if any toxic substances like radon gas, lead-based paint, asbestos, hazardous waste, etc., is present on the premises.
About the neighborhood:
When you sell a house in California, there’s a good chance they’ll be buying it as a primary residence rather than an investment. Familiarize them with the area they’ll be residing in, like the access to parks, freeways and schools nearby, brief them about the neighbors and whether there’s any local nuisance to be aware of. The more familiar a buyer is with the area, the better decision he or she can make. It’s important both parties are happy with the outcome.
Taxes and transfer disclosure statement:
When selling, simply let the buyer or buyer’s agent know they may need to go through a Supplemental Tax Assessment. The local assessor in California will reassess the house’s value after the change in ownership, which may change the tax values. The necessity of this disclosure is incorporated in the California Civil Code Section 1102. 6c.
Also provide the buyer with a completed Transfer Disclosure Statement form, which may enlighten additional details such as whether the house is attached to the public sewer system, has neighborhood issues, highlights the age of the roof, etc. All information should be filled in truthfully to avoid any hiccups in the deal prior to closing escrow.
At Property Twins, there are various Remodeling, Renovating, Rebuilding, Buying, and Selling options available. Whether you want to sell a house in California, sell a house in Silicon Valley, or sell a home in Santa Clara County, we’re here to simplify your life and assist you with the best!