Note: two different statutes govern disclosures by sellers and real estate agents. One statute requires, with some exceptions, sellers to give buyers of one to four residential units a TDS form showing all issues that go to the value or desirability of the property. A different statue requires real estate agents involved with a sale of one to four residential units to do a reasonably competent and dillegent visual inspection of the property and there are no exceptions. The law has changed about the need for how many times the Agency Disclosure form has to be given in a particular transaction. Now it only has to be given twice: once to the buyer buy the buyer's agent and once to the seller by the listing agent.
Study Question: List three of the exceptions to the rule that a seller of one to four residential units must give the buyer a Transfer Disclosure Statement ("TDS")?
1) As per previous law one statute requires to submit TDS by seller to buyer with some exceptions hence we can use that exception for not providing the TDS to buyer
2) New law requires TDS to given twice once to buyer by the buyers agent and not by the seller hence its not required by seller to submit TDS
3) New law requires TDS to given twice later on by the listing agent to the seller. hence there is no need to provide TDS by seller to the buyer
Note: two different statutes govern disclosures by sellers and real estate agents. One statute requires, with...
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