The recently passed Tax Reform Bill will have implications on your future taxes. Above is an informative comparison of the prior tax laws from California Association of Realtors' website, car.org.
Typically, when buying or selling a property, there is an inordinate amount of paperwork. One commonly used form regarding home inspections following the acceptance of an offer is the Buyer’s Inspection Waiver (BIW). However, there is a separate C.A.R. form called the Buyer’s Inspection Elections (BIE) which provides a more extensive list of possible inspections that buyers may choose to conduct. This form consists of over 30 potential inspections which include plumbing, electrical, roof, sewer, pool/spa and various others. This contract is formatted as a “yes” or “no” check-off sheet for the buyer to specify areas of concentration. Although this is not a commonplace form in standard transactions, it certainly has a place with sales involving dated homes with questionable maintenance and/or upkeep.
Although buyers are not required to present a BIE to the seller, it may prove beneficial to do so to ensure satisfaction. It is important to recognize that even if a buyer selects “no” for an inspection on the BIE, the option to carry out those inspections still remains available provided it is in the inspection timeframe.
Navigating through the labyrinth of details and information of a transaction is exactly why you, savvy buyers and sellers, need an experienced team. The SARKISSIAN + PERERA GROUP is here to help guide you through this process and ensure that you achieve all of your real estate goals!
Berkshire Hathaway HomeServices California Properties SARKISSIAN + PERERA GROUP Chairman's Circle Diamond, Top ½ of 1% Nationwide DRE #01242603 | #01715728 626.695.2808 armen@armensark.com www.spregroup.com
DRE#: 01242603 540 S. Lake Ave.
Pasadena, CA 91101
