prac pp chp 7

Chapter 7Additional Forms for the Purchase AgreementMore Required Forms and Disclosures

I. Forms Supplied to the Buyer

Commission Agreement

Estimated Buyer Costs

Contingency For Sale or Purchase of Other Property

Real Estate Transfer Disclosure Statement

The REAL ESTATE TRANSFER DISCLOSURE STATEMENT identifies items of value attached to the structure or land and states whether these items are operational

The entire TDS needs to be completed by the seller who is legally responsible for identifying any structural or material defects

Disclosure (cont.)

Buyer’s Inspection Advisory

Buyer’s Inspection

Waiver

Wood Destroying Pest Inspections & Allocation of Cost Addendum

Counter Offer

Buyer’s Affidavit

Request for

Repair

Receipt for

Reports

Contingency Removal

Notice to Seller

to Perform

Notice to

Buyer to

Perform

Buyer Final

Inspection

Carbon Monoxide and Radon

Testing

It is advisable to check your carbon monoxide detector’s batteries regularly

Radon measurements for real estate transactions must be conducted by certified radon testers.

II. Statewide Buyer & Seller Advisory (SBSA)

SBSA• This form advises both buyer and seller of various

factors that may affect the decision to buy, different types of inspections that can be obtained, and questions to ask about or research and information to be disclosed

• Recent additions to the form include information on: Smoking Restrictions, Underground Pipelines and Utilities, Marijuana and Methamphetamine Labs, Title Insurance After Foreclosure, and Death on Property

The SBSA covers:

• Buyers Rights and Duties

• Seller Rights and Duties

• Broker Rights and Duties

The SBSA Also Covers:1. Inspections2. Lot size, boundaries3. Soil conditions4. Geologic Hazards5. Environmental Hazards6. Lead-Based Paint7. Formaldehyde8. Mold9. Well and Water Systems10. Wood Destroying Pest11. Easements /Encroachments12. Earthquake Fault Zones13. Fire Hazards14. Flood Hazards15. Building Permits, Zoning,

Code Enforcements16. Future Repairs,

Replacements, Remodels

17. Schools18. Neighborhood Noise19. Mello Roos20. Rental Property Restrictions21. Land Lease22. Home Warranty23. Escrow Funds24. Mediation25. Arbitration26. Megan’s Law27. Liquidated Damages28. Supplemental Property Tax Bill29. Internet Advertising, Blogs,

Social Media30. Underground pipelines31. Insurance32. Pets and Animals

III. CAR® Summary Disclosure Chart

Summary Chart• The CAR SUMMARY DISCLOSURE CHART, is designed

to provide REALTORS® and their clients with an easy-to-use reference guide for determining the applicability of the state and federal laws to real estate transactions most commonly handled by real estate licensees