Buying a home is usually the largest investment most Americans make. Expect a whirlwind of unexpected emotions, a lot of "hurry-up-and-wait", and a mountain of paperwork. And while every piece of paper requiring you to sign on the line is important, there are only two documents under the California Civil Code that give the buyer the right to walk away from the deal and take their deposit with them, they are:
It is important to understand the value of timely receiving / providing and relying on a complete and accurate NHDS, and the danger of accepting a substandard NHDS into your transaction in this unregulated industry.
The NHDS, pursuant to California Civil Code 1103 et seq., is a legally required disclosure form in most California residential real estate transactions, which the seller and the seller's agents are obligated to provide to the buyer. It gives the buyer information about items that could negatively affect the value and desirability of his/her property and in some cases could seriously affect the insurability of the property. The NHDS can be prepared by a third party NHD report provider, and the liability will shift to them so long as you first exercise good faith in your selection of the third party NHD report provider under California Civil Code Sections 1103.4 and 1103.7. But since the NHDS industry is unregulated, and since the state of that non-regulation does not require NHD report providers to carry errors & omissions insurance to protect them or you, how can you choose the best? Here are a few things to consider in choosing a NHD report provider:
Securing the answers to these questions is essential. Knowing the differences in NHD report providers is security for you. The NHD report is critically important, and all NHD reports are different. Choosing the wrong NHD report provider in this unregulated industry could be costly.
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