This Disclosure Notice of Forfeiture Rights form is provided by the Seller to the Purchaser at the time of the contract signing. Mandatory use of this form is rarely required; however, this form provides the Purchaser with a good understanding of forfeiture and how he or she can be affected by it in the event of a default. Should the courts become involved, the use of this form will help the Seller show that the Purchaser understood his side of the bargain and may help the Purchaser pursue the remedy of forfeiture if challenged by the Purchaser.
Vallejo California Seller's Disclosure of Forfeiture Rights for Contract for Deed
State:
California
City:
Vallejo
Control #:
CA-00470-22
Format:
Word;
Rich Text
Instant download
Description
How to fill out California Seller's Disclosure Of Forfeiture Rights For Contract For Deed?
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FAQ
Forfeiture clauses allow a seller, upon a buyer's default, to declare the contract forfeited, to repossess the property, and to retain all previous payments from the buyer as liquidated damages. Forfeiture clauses are used extensively in land installment con- tracts.
Which of these transactions in California is exempt from agency disclosure requirements? Agency disclosure is not required for transactions involving residential properties with five or more units, as these are exempt from this disclosure requirement.
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.
Court decisions in California for decades make it very clear that sellers (and their real estate agent) have the duty to disclose prior inspection reports on a listed parcel that are in the possession, custody or control of the seller regardless of who initially paid for the report.
4th 1534, 1545. In California, the seller of a residence has both a common law and statutory duty of disclosure to the buyer, and even full compliance with the statutory duty does not excuse the common law duty.
California Real Estate Disclosure Requirements In California, sellers must provide a Transfer Disclosure Statement (TDS) to any potential buyer whose offer has been accepted. This form asks specific questions about defects or malfunctions the seller may be aware of.
As a broad rule, all sellers of residential real estate property containing one to four units in California must complete and provide written disclosures to the prospective buyers.
Certain Sellers are exempt from completing the TDS but not exempt from making other disclosures. Sellers who are not legally required to complete a TDS can use this form to make other required disclosures, including the disclosure of material facts of which they are aware.
