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where's the latent/undisclosed mold and high radon gas coverage in that Home Warranty? are bio hazards covered? oh yeah, and what about a drainage problem? I would be willing to bet that more things are excluded from coverage than what is covered. small ticket items usually don't break a Buyer but serious/major ones do.
Frankly, I am very surprised that mortgage lenders are not requiring thorough and in depth inspections from stem to stern. And from reputable inspectors/contractors who carry errors and omissions insurance coverage who do not require a Waiver of Liability to be signed.
Last edited by Southside Shrek; 07-21-2007 at 08:41 AM..
where's the latent/undisclosed mold and high radon gas coverage in that Home Warranty? are bio hazards covered? oh yeah, and what about a drainage problem? I would be willing to bet that more things are excluded from coverage than what is covered. small ticket items usually don't break a Buyer but serious/major ones do.
Frankly, I am very surprised that mortgage lenders are not requiring thorough and in depth inspections from stem to stern.
just like most insurances, policies and coverage differ,
ask your agent about home warranties, and coverage,
google what home warranties are,,and again,,depending on cost, what they cover
I've seen something similar to this, but not in a sales contract. I attend all inspections with my clients...this looks similar to the disclaimer that home inspector's have buyers sign. It's odd that the sellers presented this to be signed by the buyer AFTER defects were discovered during the home inspection. Radon isn't necessarily something the sellers should have known about, but the roof is. The sellers disclosure statement opens him up to liability and it looks like someone is trying to backtrack to keep the seller, agent, and brokerage out of legal trouble. Because of the timing in presenting this, I wouldn't have my clients sign it . I'd have them go to a real estate attorney.
Tish
I have recently learned that this kind of clause has been approved for use by the State association/board and realtors in the Indianapolis area are using it in their printed forms. My reaction to it is unchanged--it is highly objectionable and especially where material defects in the home were discovered by Buyer.
while I appreciate concerns over being sued unjustifiably, there are other means for 'honest' Sellers and realtors to protect themselves short of stripping the Buyer of any and all remedies for fraudulent concealment of material defects in the sale of a home.
Tish
I have recently learned that this kind of clause has been approved for use by the State association/board and realtors in the Indianapolis area are using it in their printed forms. My reaction to it is unchanged--it is highly objectionable and especially where material defects in the home were discovered by Buyer.
while I appreciate concerns over being sued unjustifiably, there are other means for 'honest' Sellers and realtors to protect themselves short of stripping the Buyer of any and all remedies for fraudulent concealment of material defects in the sale of a home.
Actually SS it appears to be a highly standardized form with a context that you have not properly described.
The context is that you have had your experts and inspectors check for these various problems and anything they have found has been repaired.
So given the seller has cooperated and everyone involved has met your needs they want you to agree you won't sue them.
Fraud, such as deliberate and successful concealment would not be covered. You really can't waive fraud or gross negligence. But ask your attorney if in doubt.
If I had not had a check that I thought satisfactory done for mold, radon, etc. I would simply strike the applicable clause before I signed it. The worse that happens is the deal collapses. I would doubt the contract is actually effected though. So look and see what the contract says.
This would not be the first time I saw RE Agents use a self-serving clause. They are not really out to get you just trying to systematically limit liabliity. I do find it somewhat unusual in trying to protect the seller as well...probably so they can claim they were simply trying to end the issue for everybody once and for all.
There is nothing wrong with modifying such documents by the way. You should check and see how they relate jto the purchase agreement. But I will bet you this one does not...so feel free...
All inspectors are different but I think at this point in the game you should realize there isn't an inspector out there that won't have you sign a waiver of liability.
palmcoasting
what if my company went around telling all our customers "We don't want any liability for our work on your home/building and we want you to sign a Waiver and Release" so you can't come after us for damage? our motto is 'We only operate without any liability". heck, I can't even drive a car that way much less operate a business serving the general public.
All inspectors are different but I think at this point in the game you should realize there isn't an inspector out there that won't have you sign a waiver of liability.
The clause in question is not in an inspector release. It is a standard form in at least part of the Indiana RE community.
SS did you ever read some of the standard consumer contracts? They are not friendly to the consumer. Many routinely force arbitration of any disputes...almost always a loser for the consumer.
Again strike what you don't want to agree with.
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