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SELLER'S OUTLINES
Seller's California Residential Real Estate Transaction Outline:
An Outline of the typical steps in a California residential real estate transaction, summarized from the seller's viewpoint.
Seller's Power Checklists (2)
Two checklists for California Sellers:
1. Seller's Data Sheet Checklist;
2. Seller's Form Checklist
(Commonly needed to close a typical California residential real estate resale transaction.
California Real Estate Transaction Timetable
Coming Soon!
Sample Residential Purchase Agreement (RPA) Contract Provisions
Coming Soon!
DRE Reference Handbook
Reprinted from: The California Department of Real Estate
DISCLAIMER: These Outlines and Checklists are for informational and educational purposes only. Please consult with a Real Estate Broker or Attorney if you have questions or concerns.
SELLER'S TRANSACTION OUTLINE
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SELLER'S TRANSACTION OUTLINE
1. Seller's Outline for
Completing Transaction
- Seller's Power Checklist for events and documents in
the transaction
2. Guide to Listing, Advertising, and the Multiple Listing Service
(MLS)
- Ordering a "Property
Profile":
Obtaining your property's
legal description
Obtaining comparable
sales information
- Pricing your
property
Comparable sales
Free or low-cost appraisal
tools
Other market
listings
Seller's pricing do's and
don'ts
When to reduce price; how much to
reduce
- Preparations for
listing
Pre-listing repair
guidelines
Cleaning/re-conditioning/painting/landscaping
considerations
Pre-listing inspection
-
Listing in the Multiple Listing
Service(MLS)
Fixed cost MLS listing
When/how to use the MLS
-
Listing/Advertising Sources (other than
MLS)
Preparing a Marketing
Plan
Open
Houses
Signs/Brochures/Other Handouts
Media
Sources
Listing/Advertising
Content
Listing/Advertising do's and don'ts
3. Evaluating prospective Buyers
- Overview
-
Pre-qualification letters
- Checking Buyer's credit
Running a credit check on
Buyer
Checking references
4. The Residential Purchase Agreement (RPA)
-
Overview
- Financing
Buyer's
deposit
First Deed of Trust
financing
Second Deed of Trust
financing
Seller take-back
financing
Financing contingencies
-
Allocation of Costs between Sellers and
Buyers
Pest Control
costs
Inspection
costs
Escrow and Title
costs
Property and Transfer taxes
Recording
fees
Homeowner's Association (HOA) fees and
costs
Other fees and costs
-
Inclusion/exclusion of personal property/other items in
sale
Overview of "personal property"
vs. "real property"
Refrigerator, washer,
dryer, appliances
Window-coverings, blinds,
shades, drapes
Above-ground pool, spa,
hot-tub
Other items
- Inspections;
Repairs
Overview
Seller's
do's and don'ts regarding
Inspections
Inspection
contingencies
Inspection
reports
Repairs
Alternatives/discounts
in lieu of repairs
Post-repair
inspections
Other inspection issues
-
Other
Contingencies
Overview
Appraisal
contingency
Buyer's sale of existing home
contingency
Court approval contingencies
(estate sale; foreclosure; bankruptcy;
etc.)
Other "subject to"
contingencies
Removal of
contingencies
Abuse of contingencies
-
Disputes with Buyer and
Cancellation
Mediation--use by
Seller
Arbitration--use by
Seller
Liquidated Damages clause--use by
Seller
Joint Escrow Cancellation
Instructions
Use/Effects of litigation and
lis pendens
5. Opening escrow/escrow instructions
- Overview
-
Selecting an escrow
agent/company
Costs
Services
-
Using your escrow agent as an information
resource
For transaction
services
For documents
- Opening
escrow
- Sample escrow instructions
6. The Transfer Disclosure Statement (TDS)
- Overview
-
Coordination with other disclosures
- Seller's TDS
information
Completing the form: making
full disclosure
The meaning of
"significant" defect
Disclosure wording:
the do's and don't's
7. Other mandatory/recommended Seller disclosures and forms
-
Pest control/termite disclosures
- Geological disclosures
- Flood,
fire, earthquake, lead paint disclosures
- Other environmental
disclosures
- Condominium/common interest disclosures
- Proximity
disclosures
- Disclosure of past inspections, reports, corrections,
etc.
- Updating disclosures
- Seller's do's and don'ts of disclosures
8. Title Insurance/Preliminary Title Report
- Overview
-
Selecting a title
company
Costs
Services
-
Using your title company as an information
resource
For transaction
services
For documents
- Ordering a
Preliminary Title Report
- Sample Preliminary Title Report
9. Inspections (termite, physical, final walk-through, etc.)
-
Overview
- Pest control/termite
inspection
Schedule 1 vs. Schedule 2
work
Completion Certificate
- Physical
inspection
- Other inspections
- Final walk-through
10. Close of Escrow (COE) and forms
- Overview
- Items that
typically delay COE
- Seller's decisions regarding early occupancy by
Buyer
- Seller's decisions regarding sale/lease-back by Seller
-
Seller's Estimated Closing Statement
- Overview of tax/other forms signed
in connection with COE
- Seller's Final Closing
Statement
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SELLER'S POWER CHECKLISTS (2)1. SELLER'S DATA SHEET CHECKLIST
2. SELLER'S FORM CHECKLIST NOTE: The Checklists are NOT meant to be all-inclusive.
Please consult with a Real Estate Broker or Attorney if you have any questions.
SELLER'S DATA SHEET CHECKLIST
Checklist Seller's Data Sheet For A Typical California Residential Sales Transaction
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| Property Information: |
Address:
Map Grid/Location:
Assessor's Parcel Number (APN):
Selling Price:
Multiple Listing Service (MLS) Number: |
| Sellers: |
Seller #1
Legal Name:
Address
Tel:
Fax:
Email: |
Seller #2
Legal Name:
Address:
Tel:
Fax:
Email: |
Listing Agent/Broker:
Address:
Tel:
Fax:
Email:
Listing Commission Payable: |
| Buyers: |
Buyer #1
Legal Name:
Address:
Tel:
Fax:
Email: |
Buyer #2
Legal Name:
Address:
Tel:
Fax:
Email: |
Selling/Cooperating Agent/Broker:
Address:
Tel:
Fax:
Email:
Selling/Cooperating Commission Payable: |
| Escrow Company Information: |
Escrow Company:
Address:
Tel:
Fax:
Email:
Escrow Officer:
Escrow Number:
Date Escrow is Opened:
Date Escrow is Scheduled to Close (COE): |
| Title Company Information: |
Title Company:
Address:
Tel:
Fax:
Email:
Title Officer:
Title Order Number: |
| Additional Service Providers: |
Mortgage Broker:
Address:
Tel:
Fax:
Email:
Loan Number: |
Termite/Pest Control:
Address:
Tel:
Fax:
Email:
Work Order Number
Report Cost: |
Home Warranty Company:
Address:
Tel:
Fax:
Email:
Policy Number:
Policy Cost:
Inclusions:
Exckusions: |
Professional Disclosure Report Service:
Address:
Tel:
Fax:
Email:
Order Number:
Disclosure Report Cost: |
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Transaction Dates: |
Date of Contract (Residential Purchase Agreement):
Buyer's Loan Prequalification Letter (7 days):
Condo Home Owners' Association (HOA) Documents (7 days):
Transfer Disclosure Statement (3 Days):
Other Disclosures & Reports Out (7 days):
Disclosure and Inspections Contingency (17 days):
Appraisal Contingency (17 days):
Loan Contingency (17 days):
Other Contingencies: |
2. REAL ESTATE FORMS CHECKLIST
Checklist of CAR and Other Forms For A ***Typical*** California Residential Sales Transaction |
| Listing Forms: |
|
CAR Form AD-1 Disclosure Regarding Real Estate Agency Relationships (Sellers)
CAR Form AS-1 Sellers' Affidavit of Non-Foreign Status and/or California Withholding Exemption:
CAR Form RLA Residential Listing Agreement:
CAR Form KLA Keysafe/Lockbox Addendum and tenant's Permission to Access Property
CAR Form SA Seller Advisory:
MLS Input Data Sheet:: |
| Contract Formation and Contingencies Forms: |
CAR Form RPS Residential Purchase Agreement:
CAR Form AD-2 Disclosure Regarding Real Estate Agency Relationships (Buyers)
CAR Form BIA Buyers' Inspection Advisory
CAR Form HID Home Inspection Disclosure ("For Your Protection Get A Home Inspection"):
CAR Form MCA Market Conditions Advisory
CAR Form WPA Wood Destroying Pest Inspection and Allocation of Costs Addendum:
CAR Form CO-1 Counter Offer (if necessary):
CAR Form ADM-1 Contract Addendum (if necessary):
CAR Form CR-1 Removal of Contingencies:
CAR For RR-1 Request for Repairs
Other: |
| "Property Condition" And "Proximity" Disclosure Forms: |
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CAR Form HID For Your Protection Get A Home Inspection
Car Form TDS Real Estate Transfer Disclosure Statement
CAR Form DBD Data Base Disclosure
CAR Form WHS Water Heater Statement of Compliance
CAR Form SDS Smoke Detector Statement of Compliance
CAR Form SSD Supplemental Statutory and Contractual Disclosures
CAR Form SPQ Seller Property Questionnaire
CAR Form SBSA Statewide Buyer and Seller Advisory
CAR Form FLD Lead Based Paint and Lead Based Hazards Disclosure (for pre-1978 homes)
CAR Form RGM Radon Gas and Mold Notice and Release Agreement
CAR Form NHD Natural Hazard Disclosure Statement
Earthquake Hazards Report
Earthquake Booklet and Receipt: "Home Owners Guide to Earthquake Safety and Environmental Hazards"
Additional Physical Condition Disclosures, Where Applicable:
A Pet Damage and Pet Odor Disclosure
An Asbestos Disclosure
An ABS Pipe Disclosure (for homes built/remodeled from 1982-1987)
A Carbon Monoxide Disclosure
A Geological/Soils Disclosure
A Survey/Boundary Disclosure
CAR Form MHTDS Manufactured/Mobile Home Transfer Disclosure Statement
CAR Form HOA Homeowner Association Information Request
CAR Form VP Verification of Property Condition/Final Walk-Through
Other: |
| Reports: |
Natural Hazard Disclosure Professional Report Service:
Appraisal Report:
Termite/Pest Control Inspection Report:
Termite/Pest Control Clearance Certificate:
Buyers' Professional Home Inspection Report:
Other Inspections and Reports (Roof, Pool, Geological, Well, Septic, Survey, etc.):
Other: |
| Title and Escrow Documents: |
Escrow Instructions and other documents (from Escrow)
Buyer's Loan Documents (from Lender)
Preliminary Title Report: (from Title)
Covenants, Conditions and Restrictions (CC&R's):
Estimated Closing Statements: (from Escrow)
Final Closing Statements and closing documents (from Escrow): |
| If Problems Occur or Transaction Falls Out of Escrow: |
CAR Form NSP Notice to Seller to Perform:
CAR Form NBP Notice to Buyer to Perform:
CAR Form ETA Extension of Time Addendum:
CAR Form DCE Demand to Close Escrow
CAR Form RC-11 Release of Contract:
CAR Form CC Cancellation of Contract, Release of Deposit and Joint Escrow Instructions
Escrow Cancellation Instruction (from Escrow): |
This list is for educational and informational purposes only, and is not meant to be exhaustive. There may be other documents required in a transaction, but this list describes the forms that are typically required for a California residential real estate resale transaction. Please consult with an Attorney or Real Estate Broker.
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