"The Property is being held in a revocable or irrevocable trust for the benefit of those persons or entities named as beneficiaries in the trust. For the purpose of the sale of the Property, the trustee of the trust is treated as the Seller. Many obligations imposed upon sellers, particularly sellers of real property containing one-to-four dwelling units, may not be applicable to the sale of the Property. However, even though Seller is exempt from many obligations, Seller must still comply with many others. Further, even though a Seller may be exempt from certain obligations, a real estate brokers obligations may still apply. This Advisory is intended to inform Buyer and Seller of their rights and obligations independent of those established by the contract between them."
It then goes on to delineate which disclosures are exempt and which are not. You will not receive a TDS, Seller Property Questionnaire, Supplemental TDS, Natural Hazard Disclosure and more. The seller (trustee) only has an obligation to disclose these IF they have lived in the home within the past year.
Regardless of what a trustee may or may not disclose, the disclosure goes on to state that they are NOT exempt from common law and statutory duties concerning fraud and deceit, even though the specific TDS Form is not required to be completed. Seller remains obligated to disclose known material facts affecting the value and desirability of the Property.
I'd recommend you ask your agent for a copy of this disclosure - it's the Trust Advisory, C.A.R. form TA.
The disclosures that you will get when buying from a trust are fewer than when buying from a natural person. After all, the trustee of the trust has not, in your words, lived in the house for many years and cannot be expected to know the condition of the house in the same way that an owner-occupant would. At the same time, knowledge of any material fact by the trustee which may impact your decision to buy or pay a certain price for the house must be disclosed.
You will still have the opportunity to do all inspections that you deem necessary to satisfy yourself about the condition of the house.
Your Realtor is the best source for a more detailed answer to your question. Of course, I believe that you should have your own Realtor and not use the sellerâ€™s agent in order to have someone representing YOUR best interests.
There are so many variables involved with your question, we (like Shannon) would be reluctant to answer. We like to give home sellers and buyers advice, however, we are more concerned about giving you bad information.
Hire the necessary people to support you with your purchase.
Best of luck,
Mark & Kari Shea
Shea Real Estate
National Association of Realtors
CA BRE License 01713506
Please let me know if I may assist you further!
Cindy Davis, Broker
SD Home Source Realty
Phone: (619) 379-8616
CA DRE #01363537