Stanley Combs

On Jan. 1, 1988, California law starts "caveat emptor," a Latin phrase meaning "let the buyer beware," on its way to becoming a thing of the past in regards to real estate. "Easton v. Strassburger, 152C.A.3d90" started a landslide of "disclosure" forms and requirements. Today's selling documents are loaded with disclosure statements that must be acknowledged before the listing agreement is complete.

One of the most critical responsibilities imposed on today's real estate licensees is the duty of full disclosure. Noncompliance with the law could make them subject to civil, criminal and/or department of real estate action and penalties. Increasingly, real estate agents must know what and how to disclose, as well as when, where, why, by and to whom. Full disclosure includes property defects, environmental hazards, ordinances and special taxes.

Incomplete disclosures or negligence in reporting known facts can expose someone indefinitely, since the statute of limitations does not begin until the undisclosed fact is discovered. A person has another four years to decide any recourse after the discovery of an undisclosed fact.

The list of real estate disclosures is long and detailed. Included in the list are agency relationships, transfer disclosure statement and environmental hazards such as asbestos, radon, lead, formaldehyde, explosives, radioactivity, toxic mold and special taxes.

Buying and/or selling properties without the aid of a licensed realtor in today's "prosecute happy" world may not be the wisest thing a person should do. If you need a road map to fight through this maze of forms, contact a friendly realtor.

Stanley Combs is a Realtor with Keller Williams Realty and can be reached at (805) 794-3363 or (805) 383-2948.