|
Recent legal decisions and new legislation
provide that the Seller has a responsibility for revealing to you the true
condition of the property. The concept of selling property "as is", with the
Buyer assuming all responsibility for determining the property condition, is
not acceptable in the present marketplace. The Seller must disclose the known
condition of the property to the Buyer. This information should be made
available to the Buyer as soon as possible.
Charm or Irritant?
Having lived in
this property, the Seller has become accustomed to the peculiar conditions that
may have developed. But for the Buyer, that peculiarity may be more than a mere
inconvenience. It may be an irritant which the Buyer cannot tolerate. It is
important for the Seller to review the condition of the property with the real
estate agent and take special note of any problems on the Disclosure Statement.
Civil Code Section 1102 required that the Seller provide the Buyer with a
completed "Real Estate Transfer Disclosure Statement."
All Systems Go
A basic assumption on
every sale is that the house and systems in the house are functional. For
example, the roof will hold out hold out the rain and sun, the hot water heater
will provide hot water, and the heater will provide heat. If it is known that
any of the systems do not function properly, such facts should be included in
the purchase agreement and acknowledge by the Buyer.
As Is
An "as is" purchase is
perfectly acceptable, as long as the Buyer understands exactly what the "as is"
condition entails. Thus, it can be said in the purchase agreement that the
Buyer accepts the roof and the plumbing and the electrical system in their
present condition and acknowledges that they have defects. This acknowledgment
provides a defense for the Seller if it is later claimed he did not disclose
the problems.
Environmental Hazards
It is required
that the Seller disclose any knowledge of environmental hazards in the home or
areas such as asbestos or pollutants. You will be provided with Real Estate
Transfer Disclosure filled out by the Seller as to his awareness or knowledge
of this subject.
Back to Main Menu |