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How to Move Page Disclosure Notice

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ladies and gentlemen thank you and welcome we got a very special edition today were gonna talk about disclosures what to do what not to do and in keeping with that theme why not start at the most important one the TDS also known as the transfer disclose your statement arguably one of the most important disclosures in real estate and one of the ones that is most often screwed up and the most common cause of lawsuits so to hell my fate fellow agents out there without any further ado Im going to bring on Stephanie my secretary whos gonna help you guys better understand the transfer disclosure statement in terms of how to fill it out what to do and more importantly what not to do here Stephanie hello everyone so today Im going to talk about the TPS and how to fill it out so the first page has a list of maybe about 25 things that most properties have for example does it have a range does it have a microwave is a non septic is it on sewer you want to make sure that your sellers are fill

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Is sellers disclosure mandatory in Texas?

Is a Sellers Disclosure Required in Texas? Yes. Section 5.008 of the Texas Property Code requires anyone selling a single family home to fill out a sellers disclosure. It even has a script you can use to write your disclosureso you know youve met all the requirements.

Which disclosure form gives detailed information about the propertys condition?

The (TDS) describes the condition of a property and, in the case of a sale, must be given to a prospective buyer as soon as practicable and before transfer of title.

What is a transfer disclosure statement in California?

A transfer disclosure statement (TDS) is required by California law in Section 1102 of the California Civil Code. This document is one of the seller disclosures that buyers receive during their contract contingency period. Its purpose is to let a buyer know of major defects in a property as required by California law.

Who prepares and delivers the transfer disclosure statement?

The seller and any broker(s)/agent(s) involved are to participate in the disclosures. If more than one broker/agent is involved, the broker/agent obtaining the offer is to deliver the disclosures to the prospective buyer unless the seller instructs otherwise.

Who must complete the entire transfer disclosure statement?

A seller is required to provide the TDS even when selling property without an agent, such as in a for sale by owner transaction. The TDS also must be provided for sales of a new residential property that is not part of a subdivision, such as a new home or a new four-unit building being built on a lot.

Who is exempt from filling out a sellers disclosure California?

The Transfer Disclosure Statement (TDS) is required in the state of California unless the seller (or transferor) meets one of the following conditions: Court-ordered sales such as probate sales, foreclosure sales, sale by bankruptcy trustee, eminent domain.

Are transfer disclosure statements important?

Importance of the Transfer Disclosure Statement This multi-page document is often used as supporting evidence in court when a buyer decides to sue a seller for non-disclosure. That is why its very important that sellers fill it out correctly and disclose all pertinent information.

Who must complete the main body of questions in the transfer disclosure statement TDS?

the seller is required to complete a Transfer Disclosure Statement (TDS). 6. You must provide the seller with a signed copy of the Buyers Inspection Advisory and: have it signed and initialed by the seller.

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