Transmission Disclosure Statement (TDS) (CC 1102) – specific form legally required by the seller of a residential property. A California purchase and sale agreement is a contract between an individual/entity that sells a property and the individual/entity that intends to acquire the property. The parties, buyers and sellers, will settle the terms of the agreement in order to reach a mutually beneficial agreement. A price is set by the seller (and may be negotiated by the buyer) and a sale date is implemented. A purchase and sale contract also includes agreements and provisions that cover everything from financing opportunities and serious money to the state of real estate and inspections. It is legally required to include a disclosure that informs the purchaser of all matters relating to the condition of the property. If a buyer does not receive any of the information listed below, they may have 3 days to terminate their contract (or 5 days from the date of shipment) by notifying the Seller or Seller`s Representative (CC 1102.3). Residential sales contracts generally contain promises and provisions that guarantee the condition of a property. In some states, sellers are required to provide additional documentation to ensure the status of the accommodation.
While other states require the seller to reveal a certain type of problem on the ground, such as. B a material error. In California, in addition to the sales contract, you must complete the following documents: Megan`s Law (p. 2079.10a(a)) (3)) – All contracts for the sale of residential real estate in the State of California must include the « Megan`s Law » clause on sex offenders. The California sales contract is the official legal form that is applied when a person wishes to sell his property to another party. The seller (or his representative) makes available to the buyer a copy of the document containing all the essential provisions, disclosures and general information necessary to safeguard a binding contract.