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In the United States, a seller disclosure statement is a form disclosing the seller's knowledge of the condition of the property. The seller disclosure notice or statement is anecdotal and does not serve as a substitute for any inspections or warranties the purchaser may wish to obtain. It also does not serve as a warranty of any kind. [1]
The Real Estate Commissioner is appointed by the Governor, and serves as the chief executive of the Department of Real Estate. [4] Chika Sunquist was appointed Commissioner of the California Department of Real Estate (DRE) by Governor Gavin Newsom on November 28, 2023, and she assumed office on January 3, 2024. [5]
The law was amended a few years later to include a disclosure obligation for real estate licensees. The act was called the Alquist-Priolo State Special Studies Zone Act prior to 1994. The act was amended September 26, 1974; May 4, 1975; September 28, 1975; September 22, 1976; September 27, 1979; September 21, 1990; and July 29, 1991.
The California Real Estate Act has two core components: licensing and enforcement. [1] [2] Both licensing and enforcement functions are required by the Appraisal Subcommittee (ASC), the federal government organization which oversees all state real estate appraiser licensing agencies. [2]
A regulated developer is to provide each purchaser with a disclosure document called a Property Report. The Property Report contains relevant information about the subdivision and must be delivered to each purchaser before the signing of the contract or agreement and gives the purchaser at a minimum a 7-day period to cancel the purchase agreement.
The Natural Hazards Disclosure Act, under Sec. 1103 of the California Civil Code, [1] states that real estate seller and brokers are legally required to disclose if the property being sold lies within one or more state or locally mapped hazard areas. The law specifies that the six (6) required hazards be disclosed on a statutory form called the ...
The deadline to obtain a California Real ID for U.S. domestic travel is officially less than a year away. Beginning May 7, 2025 , the new federal identification requirements take effect in California.
The NAR/ALTA Model Statute was introduced in the 2007-2008 legislative session as SB 670, [63] and sought to ban the use of all private transfer fees in California. [64] However, builders, real estate developers and non-profits, together with Freehold Capital Partners (widely credited with originating the widespread use of private transfer fees ...