which of the following transactions would require a transfer disclosure statement course hero

What type of transaction requires the transfer disclosure statement?

As a home purchase is such an important transaction, buyers need to know that they are protected. In California, residential property sellers are required to provide a comprehensive Transfer Disclosure Statement (TDS) to the buyer.Sep 25, 2020

What is the purpose of transfer disclosure statement?

Simply stated, the Transfer Disclosure Statement gives the Seller an opportunity to disclose information about the property that would be important for the potential Buyer to know. You, as the Seller of the property, are required to provide this document within 7 days of an accepted contract between you and the Buyer.

What is a transfer disclosure statement form?

The Transfer Disclosure Statement, also known as the TDS, is a form required by California law in most residential real estate transactions pursuant to California Civil Code 1102. This document is one of the seller's disclosures that buyers receive during their contract contingency period.May 25, 2018

Who is not exempt from completing a transfer disclosure statement?

The TDS law does not apply to residential properties of 5 or more units, commercial, industrial, vacant land or agricultural property.Dec 18, 2018

What is disclosure statement?

A disclosure statement is a financial document given to a participant in a transaction explaining key information in plain language. Disclosure statements for retirement plans must clearly spell out who contributes to the plan, contribution limits, penalties, and tax status.

Who prepares and delivers the transfer disclosure statement?

The seller of a one-to-four unit residential property completes and delivers to a prospective buyer a statutory form called a Transfer Disclosure Statement (TDS), more generically called a Condition of Property Disclosure Statement.

How do I fill out a transfer disclosure statement?

0:387:26How to Complete Transfer Disclosure Statement - CAR Form TDSYouTubeStart of suggested clipEnd of suggested clipWe put a date here which effectively time stamps this document. Since there's going to be otherMoreWe put a date here which effectively time stamps this document. Since there's going to be other disclosures. Like the natural hazard disclosure for example that will be in the transaction.

What year did the transfer disclosure statement law take effect?

1985In 1985 the California General Assembly added an article to the Civil Code, § 1102 et seq., entitled "Disclosures Upon Transfer of Residential Property." (Stats. 1985, ch.

Who must complete the main body of questions in the transfer disclosure statement TDS )?

the seller is required to complete a Transfer Disclosure Statement (TDS). 6.

Who is exempt from filling TDS?

Most sellers of residential real property are required to complete a real estate transfer disclosure statement (TDS). Exemptions from the TDS requirement include court ordered sales, fiduciaries in the administration of estates and trusts, and REO sales. One of the most confusing exemptions has been for trustees.Oct 17, 2018

In what type of transaction is a seller not exempt from providing a transfer disclosure statement form?

The Transfer Disclosure Statement (TDS) is required in the state of California unless the seller (or transferor) meets one of the following conditions: Court-ordered sales such as probate sales, foreclosure sales, sale by bankruptcy trustee, eminent domain.Nov 18, 2020

In what type of transaction is a seller exempt from providing a transfer disclosure statement form?

State law makes it a package deal to use both forms on a transaction. The following transfers are exempt from these disclosure requirements: The sale of new homes as part of a subdivision project where a public report must be delivered to the purchaser or a public report is not required.Mar 28, 2016