SELLING AS-IS HOME IN MISSOURI
Owners offering real estate in Missouri must disclose to potential buyers all material information about the property known to the seller. Including defects in property. Disclosure must be in writing and provided to potential purchasers prior to entering into a sales contract.
WHAT AS-IS MEANS
A thing to do Real Estate means: First, the owner does not have to make or pay for any repairs to the property, and second, the owner does not value security. With respect to the second item, the owner is obligated to transfer to the purchaser only the right and title that the owner and the owner’s heirs have in the real estate. This assignment is usually made through an exit request. This owner also makes no implied warranties regarding the condition of the property, including any warranties that the dwellings on the property are in a habitable condition. This is often referred to as the implied habitability guarantee.
Confusion about the meaning of real estate often arises from implied warranties of habitability. Missouri law requires landlords to disclose important information, including defects known to the landlord, that have not been reported by the buyer, although they cannot guarantee the current livability of the home. Detectable during the normal course of the buyer’s maturity date. “A real estate contract stipulating that the seller makes no statement about the condition of the property” did not relieve [seller] of the obligation to disclose “known material facts” that are not covered fair and reasonable of [buyer]”. Failure to provide this information is an error. Owners selling real estate on demand must disclose material information that is known to the owner that would not have been discovered by the buyer during the buyer’s normal due diligence process.
DISCLOSE MATERIAL INFORMATION
By disclosing this information, property sellers greatly reduce the risk of buyers making fraudulent claims against the seller later. Additionally, it is not always easy to determine whether a condition can be detected by a potential buyer, and in the event of a dispute a judge or jury will have to answer this question. Sewell Law provides specialized legal services in real estate and commercial law, including litigation. Contact an attorney to discuss your legal issues.click here https://www.missourivalleyhomes.com/