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Real estate prime target for litigation
In the new world of regulation and disclosure, real estate has become a prime target for litigation. Sellers are required to disclose any defects they are aware of or 'should have been aware of' whatever that means.
In California, a closing can take several hours for the buyer to sign hundreds of pages of disclosures that the buyer should be aware of and if not is waiving his right to further inspections. There are even inspections that recommend other inspections.
The term caveat emptor, a Latin term which means "buyer beware", in real estate transactions would appear to be as antiquated as the Model T Ford.
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Bill Roark is a Commercial Associate Broker at Keller Williams Realty and may be contacted at bill_roark1@yahoo.com. |
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