5 Things You Should Know About San Diego Real Estate Disclosures
What are disclosures?
When a seller decides to put their home on the market for sale in San Diego, they will hire a Realtor who will then, among other things, hand them a stack of documents that are called disclosures. The local board requires documents such as the Real Estate Transfer Disclosure, Seller Property Questionnaire, Market Condition Advisory and several others to be filled out with every home sale. Their Realtor should go over these documents with them to make sure that they understand what they mean and how to fill them out. This is the seller’s opportunity to list their experience with living in the home. Whether you are Buying a Home or selling a home in San Diego; below are 4 tips that you should know about San Diego Real Estate Disclosures.
What Type of Things Are On The Disclosures?
Whether it is a leaky faucet, a sewer line that was clogged, a roof that has leaked in the past but was fixed. This is when the seller should tell the story of the home and their experience while living in it. Whether something was fixed in the past or not, here is when the seller will document such things. By doing so, the buyer knows exactly what they are potentially buying and by being transparent the seller will avoid any future problems by disclosing everything that they know about the property, whether it is a big issue or small issue that was taken care of. Disclose, disclose, disclose!! This is the time to do so.
When Does The Seller Give the Buyers the Disclosures to Review?
Typically, once the sellers Realtor receives an offer and it has been accepted by the seller, the disclosures are then passed on to the buyer within the first 3-5 days. With this being said, as listing agents, sometimes we share these disclosures up front and post them on the MLS so that buyer agents can see them up front and share them with their potential buyers. If we are selling a home that is in need of some minor or major fixing, by letting the buyer see these disclosures up front, you will avoid falling out of contract by presenting all of the facts up front and eliminating the buyers that become scared after discovering these items after getting into contract and ultimately cancelling.
What if the seller is not truthful?
Sometimes while the seller is filling out the disclosures, they may forget things that may have occurred many years ago. This is not to say that they are not being truthful. They may have truthfully forgotten because of the time that has past. With this being said, as a buyer, and/or your buyer’s agent should ask many questions. Be as detailed as possible and make sure that you have a very good inspector to inspect the home from top to bottom. While you are under contract, or in “Escrow” as we call it in California; speak to the neighborhoods. Ask them “how do they like the neighborhood?” You will receive lots of good information with this tip alone.
Should I do more than one home inspection?
Yes, especially when Buying a Home in North Park, South Park, Normal Heights, University Heights and our other metro communities. A lot of the homes in these neighborhoods are built in the early 1900’s so although many have been remodeled, not every single part of the home has been updated so you should absolutely do more than just a general inspection. When we work with our buyer clients, we always recommend that they have a roof inspection; electrical inspection, foundation inspection as well as having a plumber scope the sewer line. This is not to say that you are going to ask the seller to give you a new roof, new electrical panel, etc. It is just so you, the buyer knows exactly what you are buying.
If you are planning a buying or selling your home in North Park, South Park, University Heights, Normal Heights or any other metro neighborhood in San Diego, call or reach out to the McT Real Estate Group. We would be happy to speak with you about possibly working together