Study for the California Escrow Exam. Dive into detailed content with flashcards and multiple choice questions, accompanied by explanations and hints. Ensure your success on test day!

Multiple Choice

In California real estate transactions, who is generally required to deliver a Transfer Disclosure Statement to the buyer?

In California residential sales, the seller is the one who must provide the Transfer Disclosure Statement to the buyer. This form conveys known defects and material facts about the property, and the law places the duty to disclose on the seller so the buyer can make an informed decision before closing. The disclosure is typically forwarded to the buyer through escrow, but the responsibility to prepare and deliver it rests with the seller. The escrow officer and the lender are not the sources of this disclosure—the escrow role is to facilitate the process and handle documents, not to generate the disclosures. If the seller fails to provide a proper TDS, the buyer may have remedies such as cancellation or damages, depending on the circumstances.

In California residential sales, the seller is the one who must provide the Transfer Disclosure Statement to the buyer. This form conveys known defects and material facts about the property, and the law places the duty to disclose on the seller so the buyer can make an informed decision before closing. The disclosure is typically forwarded to the buyer through escrow, but the responsibility to prepare and deliver it rests with the seller. The escrow officer and the lender are not the sources of this disclosure—the escrow role is to facilitate the process and handle documents, not to generate the disclosures. If the seller fails to provide a proper TDS, the buyer may have remedies such as cancellation or damages, depending on the circumstances.