This is a generic form for the sale of residential real estate. Please check your state=s law regarding the sale of residential real estate to insure that no deletions or additions need to be made to the form. This form has a contingency that the Buyers= mortgage loan be approved. A possible cap is placed on the amount of closing costs that the Sellers will have to pay. Buyers represent that they have inspected and examined the property and all improvements and accept the property in its "as is" and present condition.
Sell Closure Property For Addition In Texas
Instant download
Description
Free preview
Form popularity
FAQ
While selling a house with unpermitted work is not ideal, it is possible. Most jurisdictions require sellers to disclose known issues with the property to potential buyers, including any unpermitted work. Failure to disclose such information can lead to legal action from the buyer, including lawsuits for nondisclosure.
How long are you liable after selling a house in Texas? Sellers can be held responsible for hidden defects known to the sellers for up to four years after the sale if they fail to disclose them beforehand.
The pros of an as-is sale are that the seller is not required to make any additional repairs and is not liable for unknown defects, assuming they did not make any false or misleading statements to the buyer.
The Texas Real Estate Commission (TREC) form, widely used in Texas property transactions, includes a standardized “as-is” clause: “As Is” means the present condition of the Property with any and all defects and without warranty except for the warranties of title and the warranties in this contract.
Ordinarily, only home defects that are legally considered "material" and that the buyer didn't know about, but which the seller did at the time of sale, will allow a buyer to recover from the seller. That means, of course, that most defects you might find within a home will not make the seller legally liable to you.
Here's what you need to know when answering, “How long are you liable after selling a house?” Disclosure Issues: Laws about disclosing property defects vary by state but can range from 2-10 years. Some laws might also vary depending on the severity of the issue.
