How much protection does an “as is” contract givea seller?
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How much protection does an “as is” contract givea seller?
I am executor of my moms trust. I recently sold her home under an “as is” contract. I just received notice from the buyers attorney for any and all claims related to the failure of disclose real estate defects to said property. Prior to the sale, the buyer had the home inspected and everything about the house was disclosed, no information was withheld. What can happen? The monies in the trust have not been distributed to the heirs. Does this buyer have a leg to stand on?
Asked on August 3, 2010 under Real Estate Law, Florida
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
I doubt that the buyer has anything going for him, other than the fact that he's holding back the escrow. This might be based on real issues with the property, or not, but in either case I doubt that the law is going to help the buyer, if you are willing to fight; "fight" in this context includes paying a lawyer to do the work.
If you complied with the law as far as disclosure, the "as-is" clause and the buyer's own inspection should protect you. Most courts will hold that a buyer who does an inspection relies on that inspection, and therefore does not rely on anything the seller did or did not say. The exceptions to this usually revolve around a deliberate concealment of a known hazard that could not reasonably be found by inspection.
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