Home buyers don’t like when they discover problems with the home they bought, and who can blame them? But, not every problem is the responsibility of the seller.
I’ve had two clients recently contacted by buyers looking for money based on alleged “lies” in the Seller’s Disclosure Statement (“SDS”). (“You said there was no water damage to the basement, but I found mold and structural damage that has been festering for years!”) Do these buyers have a case? Not likely. If the SDS was filled out truthfully and the sale closed, a buyer is ill-advised to file a lawsuit based on the SDS if a problem is later discovered. This is because the purpose of the SDS is simply to disclose honestly and in good faith known issues. There is no duty on the seller to go looking for defects. So, if you’ve never had a mold problem in your basement, don’t take a sledgehammer to the walls to see if you can find a mold spore inconspicuously lurking.
If you need help buying or selling real estate, contact Wright Beamer at (248) 477-6300 or visit our website. Let us help you navigate the process and avoid potential issues like this.