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PIERRE, S.D. (KELO) — State law didn’t require a real estate agent who handled the transaction to disclose to the new buyers any existing damages on the commercial portion of a Lawrence County ...
The modern trend in the U.S. is that the implied warranty of fitness for a particular purpose applies in the real-estate context to only the sale of new residential housing by a builder-seller and that the caveat emptor rule applies to all other real-estate sale situations (e.g. homeowner to buyer). [3]
According to the ACL, property sellers and agents must disclose any defects in a property, which a buyer is planning to buy. Lying by omission would lead to breach of contract . This law does not mean that the property dealer guarantees the good title of the property but that he/she has not done anything, or is not aware of anything, which ...
The seller disclosure notice or statement is anecdotal and does not serve as a substitute for any inspections or warranties the purchaser may wish to obtain. It also does not serve as a warranty of any kind. [1] Deliberate misrepresentation in the statement can result in liability. [2] Seller disclosure statements are not compulsory in New ...
Finding out the buyer failed to secure funding: If the buyer can’t get a mortgage, the seller is typically not required to continue the sale. You have the right to be paid the agreed-upon price ...
If you're in the market for purchasing a home, you've likely done plenty of research on everything from mortgage options to negotiation tips on trying to close a property. There's plenty of time...
As such, the term "latent defect" is often used as part of the guarantee clauses in a sales contract so that the buyer can recover damages from the seller if defects turn up in the property after the sale. For example, the seller may be required to pay for repairs of any such damage. Under common law, there is no automatic right for a buyer to ...
The mere failure to make inquiry, even though there be suspicious circumstances, does not constitute bad faith, unless said failure is due to the deliberate desire to evade knowledge because of a belief or fear that inquiry would disclose a vice or defect in the transaction, – that is to say, where there is an intentional closing of the eyes ...