The Natural Hazards Disclosure Act, under Sec. 1103 of the California Civil Code,states that real estate seller and brokers are legally required to disclose if the property being sold lies within one or more state or locally mapped hazard areas. The law specifies that the six (6) required hazards be disclosed on a statutory form called the Natural Hazard Disclosure Statement (NHDS).
The state of California has a standardized reporting format for the seller and their agent to comply with the law, as it is their responsibility to disclose. The seller and their agent are allowed to seek out a 'third party' (disclosure company, licensed engineer, land surveyor, geologist, or expert in natural hazard discovery) to prepare this report for them. Seller, as transferor, Seller's Agent(s), and Buyer, as transferee are to sign one copy of the Natural Hazard Disclosure Report prior to the close of escrow.
It is illegal for agents to require the seller to use a particular natural hazard disclosure company or to give the impression that the seller may not choose. If the report from a disclosure company is selected and that company is related or affiliated with the agent or broker, disclosure of this relationship must be made to the seller. Once the disclosure is made the seller may continue with that report or choose a report from another disclosure company. California law protects the seller's right to freely choose, for the sake of quality, service and cost.
Real estate agents and broker are forbidden to receive monetary compensation (referral fees, 'kick-backs') or excessive gifts from vendors or affiliates, including but not limited to disclosure companies
No. | Subject | Date | Views |
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Notice | 부동산 용어사전 | 2019.04.15 | 2083 |
Notice | 부동산 용어 (A to Z) | 2019.03.03 | 1335 |
141 | Real Estate Law 60 | 2019.05.11 | 83 |
140 | Real Estate Law 61 | 2019.05.11 | 116 |
139 | Quiz 9 | 2019.05.11 | 7147 |
138 | Real Estate Law 62 | 2019.05.12 | 159 |
137 | Real Estate Law 63 | 2019.05.12 | 95 |
136 | Real Estate Law 64 | 2019.05.12 | 145 |
135 | Real Estate Law 65 | 2019.05.12 | 92 |
134 | Real Estate Law 66 | 2019.05.12 | 89 |
133 | Real Estate Law 67 | 2019.05.12 | 103 |
132 | Real Estate Law 68 | 2019.05.12 | 115 |
131 | Review Chapter 10 | 2019.05.12 | 141 |
130 | Quiz 10 | 2019.05.12 | 8839 |
129 | Real Estate Law 69 | 2019.05.13 | 144 |
128 | Real Estate Law 70 | 2019.05.13 | 103 |
127 | Real Estate Law 71 | 2019.05.13 | 88 |
126 | Real Estate Law 72 | 2019.05.13 | 83 |
125 | Real Estate Law 73 | 2019.05.13 | 77 |
124 | Real Estate Law 74 | 2019.05.13 | 100 |
123 | Real Estate Law 75 | 2019.05.13 | 115 |
122 | Real Estate Law 76 | 2019.05.13 | 92 |
121 | Real Estate Law 77 | 2019.05.13 | 98 |
120 | Review Chapter 11 | 2019.05.13 | 894 |
119 | Quiz 11 | 2019.05.13 | 7468 |
118 | Real Estate Law 78 | 2019.05.14 | 111 |
117 | Real Estate Law 79 | 2019.05.14 | 109 |
116 | Real Estate Law 80 | 2019.05.15 | 93 |
115 | Real Estate Law 81 | 2019.05.15 | 90 |
114 | Real Estate Law 82 | 2019.05.15 | 89 |
113 | Real Estate Law 83 | 2019.05.15 | 103 |
112 | Real Estate Law 84 | 2019.05.15 | 110 |