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CalAttorney2
CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10238
Experience:  I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
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I've already closed on my home purchase and am now being

Customer Question

I've already closed on my home purchase and am now being told I have to sign a blank SPDS form and a 1031 exchange form. So why am I just now being told to sign the forms? Do I have to sign them? My realtor is saying he won't get paid unless I sign.
Submitted: 2 months ago.
Category: Real Estate Law
Expert:  CalAttorney2 replied 2 months ago.

Hello, My name is ***** ***** I will assist you today. Please give me a few minutes to write a response and identify any additional resources for you.

Customer: replied 2 months ago.
Have also attached documents
Expert:  CalAttorney2 replied 2 months ago.

Dear Customer,

A "blank" SPDS should not be signed (Just to make sure we are talking about the same thing - I am referring to the Seller's Disclosure Statement - the document that says whether or not you are aware of various issues related to the property - this is a critical legal document that can be used by the buyer in the future if you lie on it - so you don't want to sign a blank one).

A 1031 exchange document can be signed (but there are many different types).

Signing to show that the property was transferred so that the seller can complete their 1031 exchange is not a big deal, but it shouldn't be blank.

Customer: replied 2 months ago.
I attached the forms they want me to sign
Customer: replied 2 months ago.
Do I legally have to sign the seller disclosure form after I've bought the house? They should have disclosed anything before the sale was concluded.
Customer: replied 2 months ago.
the 1031 do I have to sign that too? I feel if it was not agreed on the contract then I don't have to sign it.
Expert:  CalAttorney2 replied 2 months ago.

The disclosure is an issue, the 1031 is not (the first one is supposed to give you information about the property before you close, the second one simply allows the seller to get a tax benefit on their side of the transaction, it does not affect you).

The seller's disclosure should have been provided to you prior to purchase.

It also should have included actual disclosures.

Your real estate agent can be reported to the state Dept. of Real Estate for failing to perform their due diligence on your behalf.

As this is after closing you are in an interesting (not curious, but difficult legally) position - you cannot really back out of the transaction because they didn't defraud you (they didn't make any disclosures), but you also can try to demand that they make actual disclosures on the form prior to signing the document.

I don't know what kind of purchase price you are looking at here, but you may want to consider speaking to a lawyer (promptly, and before you sign any of these documents - again the 1031 really isn't an issue, but the disclosure is).

Customer: replied 2 months ago.
I'm the buyer not the seller
Customer: replied 2 months ago.
just call a real estate lawyer in my area?
Expert:  CalAttorney2 replied 2 months ago.

Understood.

The seller should have made disclosures to you.

The seller is asking for a benefit from the 1031 (but again, this shouldn't affect you).

You can find local attorneys using the State and local Bar Association directories, or private directories such as www.AVVO.com; www.FindLaw.com; or www.Martindale.com (I personally find www.AVVO.com to be the most user friendly).

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