Is earthquake retrofitting required for sale of home?
A listener wanted to know if earthquake retrofitting is required when selling or refinancing a single family home?
Sale of a home or refinancing of home does not require the seller to retrofit the home for earth quake safety. However, the sale of a home does require the seller to provide the new buyer with a Property Transfer Disclosure ( TDS) form. This form essentially details items included in the sale, repairs done on the property, a history of know defects in the property, and any other factors which may affect the value of the property. California law also requires seller or their agents to provide a number of consumer safety guides. These include Residential Environmental Hazards , Protect Your Family From Lead , Homeowner's Guide to Earthquake Safety. If home was built before 1960, the seller or their agents are required to answers questions related to the home structure pertaining to Earth Quake Safety. These disclosures provide necessary information to the buyer regarding the suitability of the purchase.
In view of the recent Earth quake in Japan, it is natural to be concerned about the possibility of earth quake in Bay area and its potential damage to your home. Homeowners’s Guide to Ea rthquake Safety shows the history of major California Earthquakes for the last 100 years. If your home lies in a major earth quake area and you are concerned about the damages, one should consider retrofitting the home and getting earth quake insurance. Retrofitting homes can be done through certified retrofitting contractors. Earth quake insurance can be obtained through your home insurance providers. Retrofitting of older homes can reduce the cost of the insurance premium. It then becomes a matter of personal choice of weighing cost , insurance savings, and the peace of mind.
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