What is a 'Disclosure Package'?
At some point during the home buying process in San Francisco, you’ll most likely find a home that you like a lot. As in, you like it so much you could see yourself living there! In San Francisco it is customary to provide available property disclosures for review prior to submission of an offer.
The disclosure documents (disclosures) are contained in a “Disclosure Package” which is a collection of the various documents (almost always as a group of PDF files, when I first started they were paper… tons and tons of paper!).
This is what people are talking about when they say they are “asking for disclosures” or are advised to “review disclosures prior to making an offer.”
General Info About Disclosure Packages
- The documents that are contained in a disclosure package will vary.
- There is no “industry standard” for what should be in a disclosure package.
- Until a buyer and seller are in contract there is no obligation for a seller or their agent to provide property disclosures to a prospective buyer.
- Disclosures are provided as a courtesy to help buyers achieve a deeper understanding of property conditions prior to making an offer.
Disclosure Documents Will Vary By Property Type
- Condo
- Single Family
- Tenancy-in-Common Share (TIC)
- Stock Coop
- 2 - 4 unit residential
- 5+ units
The Type of Sale/Type of Seller Will Change Required Disclosures
- Typical sale
- Short sale
- Trust sale
- Probate sale
- REO/Foreclosure sale
- Bankruptcy sale, etc.
