This video will give you a run through of the different sections of the TDS (Transfer Disclosure Statement) form use in the State of California. Below are three reminders and pieces of wisdom from our team:
The TDS is a Statutory Disclosure and waiving it is prohibited by Law.. unless the seller is exempt from the obligation.
Per the Residential Purchase Agreement under item 14.A, the seller has 7 days after acceptance to deliver this and all disclosures to the buyer unless other periods have been agreed in writing.
Most important of all! Section 1102.3 of the Civil Code addressed on the bottom of page 3 of the TDS.. gives the buyer the right to rescind a purchase agreement for at least three days after the delivery of the TDS so it is imperative for the seller to act within the agreed timeframes!
Keep in mind that there is no right or wrong answer, however, the seller is responsible to complete each question to the best of knowledge.