Wednesday, February 29, 2012

Buyer's Transfer Disclosure Rights

When a buyer buys a residential property of 1-4 units in California, in most cases the seller must provide the buyer with a Transfer Disclosure Statement. This document tells the buyer about what the seller is aware of regardging the condition of the property. If the buyer reads something that is of concern, the buyer has 3 days to recind (cancel) the contract and get his/her deposit money back. As a buyer, make sure you get this document before you close on your purchase and make sure you read it as soon as you receive it!