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We're buying a house and closing in about 30 days. We've had a home inspection, roof inspection, pest/termite inspection and city inspection. We even had a friend who's highly experienced in home renovation/repair go along on the general house inspection. Nothing major was found, but several smaller items which seem normal for a 40-year old house. We just finished negotiating repairs with sellers and are signing off on our repair agreement.
We are using a standard form that says in addition to releasing our inspection contingency, we are releasing "sellers and brokers from any loss, liability, expense, claim or cause of action regarding the disclosed condition of the property." (For realtors in California, this is the Calif Assoc of Realtors Request for Repair form).
Now it seems highly unlikely since we've had so many inspections done by reputable and apparently very thorough inspectors, but . . . if sellers have lied in their disclosures and actively hidden some defect we haven't found, my reading is that this standard release language does not apply since we are only releasing liability re the disclosed condition of the house. Does that seem right?
Hopefully this is just another paranoid question from a first-time home-buyer. I'll ask our agent on Monday, but hoping someone's around this weekend so I stop staying up at night worrying about these things. Thanks for any advice!
Now fingers crossed Fannie/Freddie and our lender don't go out of business before we close (or after, for everyone else out there). These are really strange times . . .
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