A California residential real estate purchase agreement (“purchase and sale agreement”) is a written document that outlines the terms of a real estate transaction between a buyer and seller of real property. Terms include the purchase price, address of the property, closing date and more.
Required Seller Disclosures in California
Residential real estate purchase agreements normally contain promises and provisions guaranteeing a property’s condition. In some states, sellers are required to provide additional documentation guaranteeing the property’s condition. While other states require the seller to disclose a specific type of issue on the property—such as a material defect. In California, you will need to complete the following paperwork besides the purchase agreement:
Transfer Disclosure Statement. California’s official form for disclosing any known issues that could negatively impact a home’s value or pose an unreasonable risk to the buyers’ safety or health. (CAL. CIV. § 1102.4)