California Real Estate Seller Disclosure Timeline
In some cases, HOA document orders exceed buyer contingency periods. Below is a quick summary of the implications as they relate to seller disclosures.
*This is based on default California residential purchase agreement timelines.
The seller has 3 days from acceptance to request (order) HOA docs (This is usually done by escrow).
The seller has 7 days from acceptance to deliver all disclosures to the buyer.
The buyer has a 17-day investigation period.
OR
The buyer has 5 days from receipt of any outstanding seller disclosures listed in RPA Para. 14A
Whichever date is later – to remove all contingencies.
The purchase agreement is contingent upon HOA disclosures.
Buyer’s approval of CI (HOA) Disclosures is a contingency of this agreement…Para. 10.F.3.viii.
What happens when HOA docs have been ordered but take too long to arrive?
If all the other seller disclosures (outlined in Para. 14.A) have been delivered to the buyer, then the seller can still request a contingency removal form (CR) that can request any or all other contingencies be removed except for the HOA disclosures.
This extracts the HOA disclosure from the other seller disclosures so that the seller can duly enforce contingency removal for everything else.
Questions? email info@balboateam.com