The California sales contract is the official legal form that is applied when a person wishes to sell HIS property to another party. The seller (or HIS representative) makes available to the buyer a copy of the document containing all the essential provisions, disclosures and general information necessary to safeguard a binding contract. As a general rule, a serious money deposit will be made on behalf of the buyer as a sign of good faith before the actual conclusion. All exchange-related financing should be set out in the form to avoid any dispute over payment. Water Heater Compliance Statement (B) – Property sellers must certify in writing that the water heater in the property is properly secured to prevent displacement in the event of an earthquake. (The title form also contains the fire compliance statement.) Megan`s Law (p. 2079.10a (3) ( 3) – All contracts for the sale of residential real estate in the State of California must include the “Megan`s Law” clause on sex offenders. Title Insurance Advice (No. 1057.6) – If the buyer does not have property insurance during a fiduciary transaction for the purchase of a residential property, he must receive a notice with the following paragraph: if a buyer does not receive any of the information below, he may have 3 days to announce HIS contract (or 5 days from the date of shipping) by communicating to the seller or seller (CC 11023). California property tax law requires the assessor to reassess the property at the time of the property modification. Under this act, you can receive one or two additional tax bills depending on the closing date of your loan. A California purchase and sale agreement is a contract between an individual/entity that sells a property and the individual/entity that intends to acquire the property. The parties, buyers and sellers, will settle the terms of the agreement in order to reach a mutually beneficial agreement.

A price is set by the seller (and may be negotiated by the buyer) and a sale date is implemented. A purchase and sale contract also includes agreements and provisions that cover everything from financing opportunities and serious money to the state of real estate and inspections. It is legally required to include a disclosure that informs the purchaser of all matters relating to the condition of the property.