The Real Estate Transfer Disclosure Statement (TDS) describes the condition of a property and, in the case of homes for sale, must be given to a prospective buyer as soon as practicable and before transfer of title. In the case of for sale by owner by a real property sales contract by a lease coupled with an option to purchase, or by a ground lease coupled with improvements, the TDS is to be delivered before the execution of any of the foregoing.
The seller and any broker(s)/agent(s) or real estate investor involved are to participate in the disclosures. If more than one broker/agent is involved in Real Estate Investing, the broker/agent obtaining the offer is to deliver the disclosures to the prospective buyer unless the seller instructs otherwise.
Delivery to the prospective buyer of a report or opinion prepared by a licensed engineer, land surveyor, geologist, structural pest control operator, contractor, or other expert (dealing with matters within the scope of the professional’s license or expertise) may limit the liability of the seller and the real estate broker(s)/agent(s) when making required disclosures. The overall intention is to provide meaningful disclosures about the condition of the property being sold or transferred.
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