Disclosure, Statewide Forms & Alejandre vs. Bull, Part I

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This last summer everything changed in real estate...

for now.

In Alejandre v. Bull, the Washington State Supreme Court ruled that short of proving fraud, a buyer does not have a potential claim for economic loss due to a seller's negligent misrepresentations unless it is part of the negotiated purchase and sale agreement .

In response as of October 15, the new Purchase & Sale contract forms will have this added verbiage on Page 1: "The Buyer _will _ will not have a remedy for Seller's negligent errors, inaccuracies, or omissions in Form 17."

So, one of the first questions every buyer making an offer will have to answer is, "do I want to be able to sue the seller for this?".

A great way to start a relationship.

 

Date: Thursday, October, 11th 2007 @ 01:43:58 PM
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