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Recent
legal decisions and new legislation provide that the seller has a responsibility
for revealing to the buyer the true condition of the property. The concept
of selling a property "as
is",
with the buyer assuming all responsibility for determining the property
condition, is not acceptable in the present marketplace. The sellers
must disclose the known condition of the property to the buyer. This
information should be made available to the buyer as soon as possible.
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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 his/her agent and take special note of
any problems to disclose all known problems. |
ALL SYSTEMS GO...
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A
basic assumption in every sale is that the house and systems in the
house are functional. For example, the roof will 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 disclosed to the buyer. |
AS IS" PROPERTIES:
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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/she did not disclose the problems. |
ENVIRONMENTAL HAZARDS?
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It
is required that the seller discloses any knowledge of environmental
hazards in the home or area such as asbestos or pollutants. The buyer
will be provided with a Transfer
Disclosure Statement
is filled out by the Seller as to his/her awareness or knowledge on
this subject.
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