What Are The Key Considerations for Selling a Home in Thousand Oaks?
Jeff and Irina are top listing agents in the area. When selling a home in Thousand Oaks, CA, or anywhere in California, it’s important to be aware of the local and state-level requirements. Here are some key points to consider:
Disclosure Requirements When Selling a Home:
Sellers are required to disclose any known material facts about the property that could impact its value or desirability. This includes issues such as structural defects, water damage, or pest infestations. Failure to disclose could lead to legal issues down the line.
As-Is Condition:
Residential real estate in California is sold in as-is condition by default. This means the seller has no obligation to make repairs or do any work unless mandated by CA Civil Code or local area requirements for property transfer. However, many sellers will entertain “reasonable” requests for repairs or concessions.
Natural Hazard Disclosure:
When selling a home in California you are required to provide a Natural Hazard Disclosure (NHD) report or statement to the buyer. This report details whether the property is located in a flood, fire, earthquake, or other natural hazard zone.
Lead-Based Paint Disclosure:
If the property was built before 1978, home sellers are required to provide buyers with a lead-based paint disclosure, as per federal law.
Smoke Detector and Carbon Monoxide Detector Compliance:
The home must be equipped with functional smoke detectors and carbon monoxide detectors in accordance with California law.
Transfer Disclosure Statement:
Sellers must complete a Transfer Disclosure Statement (TDS), which provides information about the property’s condition and any known defects or issues.
Real Estate Transfer Tax:
In Thousand Oaks, there is a real estate transfer tax of $1.10 per $1,000 of the sale price. This is typically paid by the seller at closing.
Local Requirements:
There may be additional requirements depending on the city or county where the property is located. For example, the City of Ventura requires a Certificate of Sewer Line Clearance with video for all residential properties sold. This ensures the property is in compliance with building and safety codes.
1031 Exchange:
If you’re selling your home as part of a 1031 exchange (a strategy used to defer capital gains tax), you have 45 days from the close of the sale to find as many as three like-kind properties. The total value of these properties must equal or exceed the value of the property sold.
Real Estate Agent Representation:
When selling a home it is best to work with a top real estate agent. A top real estate professional will navigate the complexities of the selling process, and market your property effectively.
Each real estate transaction is unique, so it’s important to consult with a real estate professional or attorney to ensure you’re meeting all the necessary requirements when selling your home in Thousand Oaks, CA.
