Seller’s Disclosure Act
Below watch the three part series of Harry Steven Ellman where he dives into the Seller’s Disclosure Act in detail.
Please be on notice that purchase agreements drafted by real estate brokers contain enforceable provisions that are not desired by purchasers. Namely, time limitations to bring a lawsuit against the seller and or the broker no later than 6 months after the closing and full release of broker’s responsibility to honor fiduciary duties. For example if the broker were to misrepresent the condition of the property and the buyer relied upon that misrepresentation there would be no relief for the purchaser due to the release provision. Accordingly, purchasers are better served by having the purchase agreement drafted by a real estate attorney-as opposed to a broker’s form agreement.