California law requires that certain information be provided to all homebuyers prior to the completion of a purchase transaction. This information, which must be in writing, is referred to as the disclosure documents. The disclosures cover many aspects of the property and differ by property type. The disclosures are important documents, which should be reviewed carefully by a potential buyer.
Since University Terrace is a new development, Stanford as the developer of the property, will apply for and obtain a Public Report from the California Bureau of Real Estate. This Public Report will contain information regarding utilities, water, roads, soil and geologic conditions, zoning, use, hazards, the lease, and information about the homeowners association, the assessments, the budget, which includes reserves, and the governing documents. In addition to the disclosures, which are specifically required by law, the buyer should receive essential information about the property that could affect the decision to purchase.
There are two additional important documents to review and understand prior to registration for the interest list. They are available here: Restricted Residential Ground Lease and the Environmental Disclosure.
The Public Report and other disclosures will be available at the Information Center.