Agent Patricia is listing a home in a Mello-Roos Community Facilities District in Irvine, California. A prospective buyer asks about the Mello-Roos tax. Which disclosure obligation applies?
Correct Answer
D) The seller must provide the buyer with a notice of the Mello-Roos special tax lien, including amount and duration
Under California Government Code §53341.5, the seller of property subject to a Mello-Roos special tax must provide the buyer with written notice, including information about the tax amount and duration. This is a statutory disclosure requirement.
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A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
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