If a buyer does not receive any of the information listed below, they may have 3 days to terminate their contract (or 5 days from the date of shipment) by notifying the Seller or Seller`s Representative (CC 1102.3). The California sales contract is the official legal form that is applied when a person wishes to sell his property to another party. The seller (or his representative) makes available to the buyer a copy of the document containing all the essential provisions, disclosures and general information necessary to safeguard a binding contract. As a general rule, a serious money deposit will be made on behalf of the buyer as a sign of good faith before the actual conclusion. All exchange-related financing should be set out in the form to avoid any dispute over payment. Title Insurance Advice (B 1057.6) – If the buyer does not have property insurance during a fiduciary transaction for the purchase of a residential property, it must be notified with the following paragraph: Water Heater Compliance Statement (P. 19211 (b)) – Sellers of real estate must certify in writing that the production of hot water contained in the property is properly insured in order to avoid displacement in the event of an earthquake. (The title form also contains the fire compliance statement.) Megan`s Law (p. 2079.10a (3) ( 3) – All contracts for the sale of residential real estate in the State of California must include the “Megan`s Law” clause on sex offenders. Residential sales contracts generally contain promises and provisions that guarantee the condition of a property. In some states, sellers are required to provide additional documentation to ensure the status of the accommodation.
While other states require the seller to reveal a certain type of problem on the ground, such as. B a material error. In California, in addition to the sales contract, you must complete the following documents: California property tax law requires the Assessor to reassess the real estate at the time of the change of ownership. Under this act, you can receive one or two additional tax bills depending on the closing date of your loan.