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Although most attorneys advise there clients to give the mandatory $500 credit instead of providing the disclosure form, you should be aware that if you fail to disclose a material defect you can still be sued.
What would happen if you don't actually know about a material defect, and therefore can't disclose something you don't know about? What would happen then? Obviously the sellers would be able to sue, but would they win in that case?
What would happen if you don't actually know about a material defect, and therefore can't disclose something you don't know about? What would happen then? Obviously the sellers would be able to sue, but would they win in that case?
People can always sue. But if they can't prove that you had actual knowledge, I doubt they would win.
not to mention kill the deal. i know i would not buy a house where the seller intentionally would not sign. it is like what are they hiding?
Yes, I understand. That's the natural reaction. Unfortunately, virtually all seller attorneys advise their clients not to sign. I always try to prepare my buyers for this. As I said earlier, it really does not absolve you from liability. Personally, if I was a seller, I would rather sign the form then give up $500.
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