Pages

Tuesday, August 7, 2012

Term Tuesday: TDS

Image via FreeDigitalPhotos.net
The Transfer Disclosure Statement (TDS) is a three-page document included in the seller's disclosure packet and is intended to disclose the condition of the home. It is imperative the TDS be filled out correctly and all pertinent information is disclosed.

Currently the TDS is required for transactions involving residential real property (1-4 Units), manufactured homes and for personal property/mobile home transactions an MHTDS is required (Mobile Home Transfer Disclosure Statement). All probate, bankruptcy, bank-owned property and trusts are exempt from the TDS at this time; these sales typically state in the MLS that the property is sold "as-is" and "seller has no knowledge of property condition."

LinkWithin

Related Posts Plugin for WordPress, Blogger...