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Disclosure Part II
Selling your house and getting it closed!
The state legislature hath decreed that the buyer can not waive the right to receive certain disclosures.
This means that even if the buyer waives the right to terminate the contract in writing, if there are disclosures to be made under the Environmental section, they retain the right to terminate for three days after the disclosure is made. This includes items found as a result of the buyer's inspection, so a revised disclosure has to be made or the buyer has a statutory right to unilaterally terminate the agreement..
If not dealt with properly, this gives buyers the legal right to "walk" right up till the day of closing!
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In addition, the brand new state-wide contracts allow for a 10 day right of termination should the buyer discover any "materially inaccurate information" provided by the seller or listing agent.
I can hear the arguments now as buyers give the notice to terminate for this or that. And the seller says "Oh no, you don't!"
The act of selling your home and making it stick just got more complicated and difficult.
Date: Thursday, October, 18th 2007 @ 12:18:23 PMViews: 668
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