Property disclosures are a big part of the sales process of properties in the San Francisco Bay Area. Some properties can contain over 500 pages of disclosures!
These disclosure requirements are mandated by California State law licensing law, local county and Realtor association requirements:
- New Homes
- Real Estate Property (such as residential 1-4, REO, probate, residential 5 or more, commercial/industrial/vacant land, mobile homes)
- Condo and common interest developments are notorious for their huge CC&R documents…
Part of the selling process in California and especially Northern California is to provide the package as a pre-requisite to accepting any offer.
In hot markets, listing agents and their sellers will often want any buyers to first sign off (e.g., approve) all disclosures before even being considered as a “serious buyer” for the home in question.
Dealing with the volume of documents is especially tedious. Imagine managing a brokerage with 250+ agents, conducting over 1000 transactions per year, all of which have hundreds of pages of property disclosures. Our managing brokers have a fiduciary responsibility to ensure that the property disclosures for each transaction are in good order and fully compliant.
At Climb, we would hire our own Transaction Coordinators to manage the paperwork for the agents at no charge, allowing them to be more efficient and productive in their jobs as real estate agents.
Disclosures.io introduced a new product to help agents in the production/management and distribution of disclosures. The company graduated from the prestigious start-up accelerator Y Combinator and were on a mission to address this seemingly mundane, yet critical component to a real estate brokerage.
Disclosures.io provides Climb with a seamless platform for property disclosures. All of the documents are compiled in one place. My transaction coordination team has a single interface where they can review every agent’s disclosure package and insure compliance. Disclosures.io is a tool that my agents actually want to use as it makes them look great and has become such a standard that clients have started to ask for it by name, “Will you send me the disclosures over Disclosures.io?” Disclosures.io is now an extension of our brand and helps us to put our best foot forward in a very competitive market.
The most surprising thing about my journey with Disclosures.io has been uncovering the data that was previously locked inside of PDFs and file cabinets. Because Disclosures.io is now the defacto platform for property disclosures, I’m able to use their market insights to understand the activity in each neighborhood that my agents work in.
Mark Choey, cofounder Climb and Climb Labs