Opinion No. (2001)

BILL LOCKYER Attorney General GREGORY L. GONOT Deputy Attorney General THE HONORABLE TOM TORLAKSON, MEMBER OF THE STATE SENATE, has requested an opinion on the following questions: 1. Where a natural hazard disclosure statement is required in the sale of residential property, how soon after the acceptance of the buyer's offer is the seller required to deliver the statement? 2. If the seller is required to deliver a natural hazard disclosure statement but fails to do so by the time transfer of title is to take place, may the buyer terminate his or her offer to purchase the property? CONCLUSIONS 1. Where a natural hazard disclosure statement is required in the sale of residential property, the seller must deliver the statement to the buyer promptly under the circumstances and prior to the transfer of title. 2. If the seller is required to deliver a natural hazard disclosure statement but fails to do so by the time transfer of title is to take place, the buyer may terminate his or her offer to purchase the property. ANALYSIS The Legislature has enacted a comprehensive statutory scheme (Civ. Code, §§ 1103 - 1103.14 ), 1 providing for the seller's disclosure of natural…