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Real estate tip of the day
When are defects a major problem?
MAY 03, 2002
Defects that surface after closing can become major problems, especially if the language of the purchase contract is unclear and you live in a state with no seller-disclosure laws. Most contracts include a seller-warranty clause that guarantees that the major mechanical systems of the house function and that the roof is watertight. If your contract included such a clause and the roof leaked during the first rain after you took possession, the sellers may be responsible for fixing it. On the other hand, if you were aware of the leaky roof and agreed in writing to purchase the house with the roof in "as is" condition, you would be responsible for repairs. Seller-disclosure laws can offer more protection from after-closing defects. These laws usually require sellers to sign a disclosure statement to which they can be held if an undisclosed defect surfaces.
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Copyright 2002 Inman News Features
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