Disclosures: Soon as Practicable Before Transfer of Title? (You Bet!)
Things have been pretty quiet in the
One relatively minor change will likely come as a result of Senate Bill 127. This bill, authored by Senator Kuehl of
I doubt that these new proposed requirements will affect the typical Bay Area real estate agent. In the past, it was not uncommon to get a call from a panicky agent because someone forgot to order a Natural Hazard Disclosure report while they were at the escrow sign-off! Today that rarely happens. In most cases, the reports are ordered prior to the property being listed. Lining up all the HOA documents can be at times difficult and costly, so it is wise to expand that requirement to 20 days. The most recent amendment to SB 127 gives the parties in the transaction the option to increase the time the disclosures are provided if agreed upon in writing.