Frank, a listing agent in Santa Clara, asks the seller when the TDS must be delivered to the buyer. Under California Civil Code §1102.3, the TDS must be delivered:
Correct Answer
C) As soon as practicable before the transfer of title
Under California Civil Code §1102.3, the TDS must be delivered to the prospective buyer as soon as practicable before the transfer of title. In practice, this means early in the transaction, typically before or shortly after the buyer's offer is accepted.
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Previous Question
California Civil Code §1102.2 exempts certain property transfers from the TDS requirement. A seller is trying to determine whether the TDS applies to their transaction. Which of the following transfers is most likely to present a genuine legal question about whether a TDS exemption applies?
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Rachel is buying a condo in San Francisco. The seller's TDS states no known defects. Rachel's agent, Michael, conducts his visual inspection and notices significant cracks in interior walls suggesting structural issues. Under California law, what is Michael's obligation?