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5 Things You Need to Disclose When Selling a Condo

By Mike in Selling Tips with 0 Comments

If you are thinking about selling your condominium unit in San Diego, it’s a good time to do so. The local housing market is warming up thanks to healthy demand from buyers interested in the downtown lifestyle. However, there is something important you should know about selling your condo: section 4525 of the California Civil Code will require you to make certain disclosures to prospective buyers interested in your listing. Here are 5 disclosures you will likely see when you list your condo for sale in downtown San Diego.

1. Homeowners Association

Due to the nature of condominium life in Southern California, potential buyers of your condo are entitled to learn about the authority your Homeowners Association has over the dwellings and common areas. Your downtown San Diego real estate professional will instruct buyers, particularly those who are new to condos, about HOA details, but specific disclosures must be made in writing.

2. Environmental Hazards

As a seller, you must disclose any knowledge of hazardous substances such as contaminated water, radon concentration, asbestos, spills, or even the presence of old lead paint. Furthermore, the buyers also get a copy of a state pamphlet about environmental hazards.

3. New Construction Maintenance

If your condominium board approved the construction of a balcony divider that you and your neighbor agreed to maintain, you must disclose this arrangement to buyers.

4. Structural Modifications

If you changed the floor plan of your unit without permissions from the condominium association, you must disclose the modification. An example would be a room divider that is permanently attached to the floor, wall, or ceiling.

5. Common Interest Developments

In the case of future developments approved by the condominium board or the HOA, they must be disclosed, particularly if contributions are expected from unit owners. An example would be a downtown condominium tower that will be connected to a commercial building via an elevated footbridge.

When looking to buy a condo, make sure the seller offers these disclosures. The same goes for lofts and penthouses. Downtown San Diego is a great place to live. Start searching for your new downtown home today by getting in touch with 92101 Urban Living at 619-649-0368. ')}