Purchase agreement addenda
For real estate sales conveying ownership of a property, the primary document used to negotiate the transaction between a buyer and seller is a purchase agreement form. [See RPI Form 150]
Different types of properties each require a variety of purchase agreements. Various purchase agreements comprise provisions necessary to negotiate the sale of a particular type of property. [See RPI e-book Real Estate Practice Chapter 51]
Attached to all these various purchase agreements are one or more purchase agreement addenda, regarding:
- disclosures about the property;
- the financing of the price paid for the property;
- agency relationship law; and
- special provisions called for by the needs of the buyer or seller.
Notice of supplemental property taxes
The seller and thus the seller’s agent has the sole responsibility set by statute to deliver to a prospective buyer a disclosure notice regarding supplemental property taxes. [CC §1102.6c]
The disclosure needs to include:
- a notice stating the buyer may receive one or two supplemental tax bills since California law requires the county assessor to revalue the real estate at the time the ownership of the property changes; [See RPI Form 317] and
- a title that reads “Notice of Your ‘Supplemental’ Property Tax Bill.” [See RPI Form 317]
A buyer’s agent uses the Notice of Supplemental Property Tax Bill form published by RPI when preparing an agreement for the acquisition of a re-assessable interest in property to disclose to the buyer their responsibility after closing the transaction to provide for and pay supplemental property tax bills separately from any mortgage impound account they may have established. [See RPI Form 317]
