New Bond Disclosures Supplement Mello-Roos Disclosures

In most transfers of residential one-to-four-unit real property requiring delivery of a Real Estate Transfer Disclosure Statement, the seller must, if his or her property is subject to Mello-Roos tax levies, attempt to obtain a notice from an appropriate local agency disclosing details of that special tax.  If available, this notice must be delivered to a prospective purchaser of the property.  Effective January 1, 2002, a similar notice is required for assessments levied pursuant to the Improvement Bond Act of 1915 (legislation which allows local governments to issue bonds to fund various projects).  (Source: California Senate Bill 1122.)