As your transaction coordinators, we manage your real estate transactions. We review, draft and process all paperwork. Our goal is to save you hours of work during your real estate transactions in order to give you the advantage to solely focus on bringing more clients and expanding your business.
This blog is dedicated to helping you grow and address some of the technical questions we repeatedly get from real estate agents and their clients.
We are true believers that knowledge is power! Knowledge breeds confidence and we want you to be all geared up when getting listings, explaining documents and answering common questions your clients may have during the transaction process.
ESD is required only if the seller is not required to provide a Transfer Disclosure Statement (TDS). It covers some of the similar items as the TDS however it is much more general in scope. The circumstances in which the seller maybe exempt from filling out a TDS are as follows:
You’ll find that your clients often come from many different industries but typically not from real estate (otherwise they’d most likely be able to purchase their own home). Due this very reason it is important to make your buyer aware of some of the key aspects of the real estate market & transaction itself. The MCA (Market Condition Advisory) cover briefly how real estate markets operate and how the offer process works and how contingencies affect your client's offer.
California state law requires the sellers and their listing agent to provide prospective buyers with a Natural Hazard Disclosure statement that designates whether the home they're selling is located in a hazard area. Hazard areas include flood, fire, earthquake fault and seismic hazard zones. The disclosure will also note whether the home is subject to Mello Roos tax. Paid for by the sellers, the report is prepared by a city engineer, geologist or land surveyor. Buyers must get the disclosure during the inspection contingency period and will have three days to decide if they want to rescind their offer based on the report's findings. It must be signed by all parties before the transaction can close.
Every neighborhood is different so are the some of the factors (natural or man-made) that can affect one’s quality of life when living there. Airports cause noise, nearby entertainment attractions such sports stadiums can cause elevated levels of traffic while nearby industrial buildings may release smells and other nuances into the air. The LAD (Local Area Disclosure) gives the buyer an understand of these factors if present. Keep in mind that some areas that are not affected and may therefore not require this form, however you should always check with your broker in order to keep the transaction compliant.
The SBSA serves a guide to what the responsibilities of the buyer and seller of a transaction are as well as the various real estate terms & lingo that your clients will encounter throughout the transaction. As this is one of the largest investments your client will make, it is important for your client to become familiar with these terms.