Post on 25-Jan-2017
Chapter 7Additional Forms for the Purchase AgreementMore Required Forms and Disclosures
I. Forms Supplied to the Buyer
Commission Agreement
Estimated Buyer Costs
Contingency For Sale or Purchase of Other Property
Real Estate Transfer Disclosure Statement
The REAL ESTATE TRANSFER DISCLOSURE STATEMENT identifies items of value attached to the structure or land and states whether these items are operational
The entire TDS needs to be completed by the seller who is legally responsible for identifying any structural or material defects
Disclosure (cont.)
Buyer’s Inspection Advisory
Buyer’s Inspection
Waiver
Wood Destroying Pest Inspections & Allocation of Cost Addendum
Counter Offer
Buyer’s Affidavit
Request for
Repair
Receipt for
Reports
Contingency Removal
Notice to Seller
to Perform
Notice to
Buyer to
Perform
Buyer Final
Inspection
Carbon Monoxide and Radon
Testing
It is advisable to check your carbon monoxide detector’s batteries regularly
Radon measurements for real estate transactions must be conducted by certified radon testers.
II. Statewide Buyer & Seller Advisory (SBSA)
SBSA• This form advises both buyer and seller of various
factors that may affect the decision to buy, different types of inspections that can be obtained, and questions to ask about or research and information to be disclosed
• Recent additions to the form include information on: Smoking Restrictions, Underground Pipelines and Utilities, Marijuana and Methamphetamine Labs, Title Insurance After Foreclosure, and Death on Property
The SBSA covers:
• Buyers Rights and Duties
• Seller Rights and Duties
• Broker Rights and Duties
The SBSA Also Covers:1. Inspections2. Lot size, boundaries3. Soil conditions4. Geologic Hazards5. Environmental Hazards6. Lead-Based Paint7. Formaldehyde8. Mold9. Well and Water Systems10. Wood Destroying Pest11. Easements /Encroachments12. Earthquake Fault Zones13. Fire Hazards14. Flood Hazards15. Building Permits, Zoning,
Code Enforcements16. Future Repairs,
Replacements, Remodels
17. Schools18. Neighborhood Noise19. Mello Roos20. Rental Property Restrictions21. Land Lease22. Home Warranty23. Escrow Funds24. Mediation25. Arbitration26. Megan’s Law27. Liquidated Damages28. Supplemental Property Tax Bill29. Internet Advertising, Blogs,
Social Media30. Underground pipelines31. Insurance32. Pets and Animals
III. CAR® Summary Disclosure Chart
Summary Chart• The CAR SUMMARY DISCLOSURE CHART, is designed
to provide REALTORS® and their clients with an easy-to-use reference guide for determining the applicability of the state and federal laws to real estate transactions most commonly handled by real estate licensees