Princeton Town Topics – Let’s Talk Real Estate – July 09, 2008
THE QUIRKS
Every house has some “quirks”, and some defects that are significantly more expensive than mere quirks. Placing a less-than-perfect house on the market is fine if you and your REALTOR® give the buyers information on any hidden material defects.
Most litigation in real estate transactions involves buyers suing sellers for failure to disclose something. Whether it is a leaky roof, dry rot, plumbing or heating problems or a wet basement, most courts do not apply a “let the buyer beware” rule to real estate transactions. Even if the buyers had a structural inspection and the property was sold “as is”, the seller who failed to disclose a problem may not get off the hook. Sellers have an obligation to disclose both obvious and hidden defects. Courts have not been sympathetic to sellers who have lived in a house and are in a position to know what works and what doesn’t. This is one area where honesty is the only policy.
