If you own a condo ruled by homeowners’ association (HOA), you can easily enter the sellers’ market and start bids from prospective buyers. As you begin dealing with the real estate agents who list Irvine condos for sale, you should remember that California law will need you to make some disclosure to the buyers.
1. Standard Disclosures
During Governor Schwarzenegger’s administration in 2005, it was implemented that the framework of the current disclosures should be represented by property sellers. The format was enforced by section 1102 of the California Civil Code and it was used in the same year by the Department of Real Estate to publish the first booklet for public use. You must furnish buyers with two forms as a seller: the Natural Hazard Disclosure Statement and the Transfer Disclosure Statement. Your agent will take good care of these disclosures.
2. Common Interest Development
It is a significant disclosure that allows buyers know the property they want to buy is a part of a common interest development, which shows that it is governed by an association. This is the case with condos but other different dwelling arrangements like carriage homes, gated communities, and attached townhomes many also fall under this rule. A veteran homebuyer may be familiar with these disclosures in Irvine as this is a planned city. However, a buyer from San Gabriel Valley used to a single family residence may not be aware of certain aspects like mandatory memberships, maintenance of common areas, use of amenities, monthly or quarterly payment of fees, and others.
3. HOA Documents
The common interest development bylaws should be completely disclosed to prospective buyers, which means furnishing a valid copy of the rules and regulation of the homeowner’s association. It is important to remember that making disclosures is obligatory to the seller and not the buyer. Prospective buyers can rightfully review the bylaws and decide whether they want to live under the implemented rules and regulations by the association.
4. Recent Deaths in the Property
The important item found in Transfer Disclosure Statement is the deaths that occurred in the condo unit within last three years must be disclosed. Any deaths that took place more than prior to three years in the property buyer showed interest should not be disclosed.
5. California Natural Hazard Disclosure Statement
If the condo is situated just on top of a geological fault line, it must be disclosed. When the building is in a flood zone and the unit is located in one of the lower floors, it should be disclosed. Any prior damage due to earthquakes and other natural disasters should be disclosed if significant and required an insurance claim.
Keeping these important things in mind will help you know what to disclose.
Keywords: Irvine condos for sale
By: April Lavine
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