Home Warranties Overview
The Transfer Disclosure Statement (T.D.S.) – Perhaps the most important paper you will complete when selling your home
Most sellers (other than institutional type) are required by law to disclose facts and defects, which materially affect the value or desirability of their home. The Transfer Disclosure Statement (TDS) helps the seller meet this requirement by providing a standardized format for most basic information. If the seller does not fully oven repair los angeles disclose, the buyer will be able to cancel the escrow, or worse find out after escrow closes – Full disclosure can reduce or eliminate the possibility of later legal action.
Often, as part of “day to day” living in a home, certain items do not function properly, are overlooked and we just accept them. Some common problems: Does your doorbell work? Is the clock on the oven operating properly? Do all windows and doors open properly? Is there safety glass in shower & sliding glass doors? Are you aware of asbestos or lead based paint? How is your water pressure? Are any of your sprinklers broken? If you have a water softener is it owned or rented? Information about an alarm system should also be noted on the T.D.S. Legally, you must also disclose any homeowner’s insurance claims made in the last five years. When in doubt, disclose.
Other than mandatory government retrofit (smoke detectors, water heater strapping, etc.), most sales in Los Angeles County are “as is”, subject to the buyer’s approval of their inspection. There is no perfect house; problems disclosed to a buyer when a buyer is still excited about buying the home are frequently easier for the buyer to accept. Some Realtors, have the buyer acknowledge receipt and approval of the transfer disclosure at the time of the initial offer.
The Physical Inspection
In addition to your written disclosures, the buyer is urged to contact a professional inspector for a more thorough evaluation of the home. The inspector performs a visual examination of the home and tests to see if all major systems in the home are operating satisfactorily. The inspection is typically scheduled within ten to fourteen days after you and the buyer have accepted the terms of the Real Estate Purchase Contract. A professional home inspection is an important line of defense for both the buyer and the seller of a home. It functions like a check-up from a doctor. If doctor suspects problems exist, he/she will send you to a specialist. A professional home inspector operates in much the same way. When a problem exists with certain areas of the home, the inspector may recommend further evaluation by specialists, such as fireplace, seismic, etc.