Disclosures Flashcards
(18 cards)
What is Johnson vs. Davis?
Made sellers responsible for disclosing all material defects not readily observable
This case established a precedent for seller disclosures in real estate transactions.
What is Rayner v. Wise Realty Co. of Tallahassee?
Extended the responsibility to disclose material defects to real estate licensees (not just sellers)
This case highlights the broader scope of accountability in real estate transactions.
What is an as-is provision?
Removes the seller’s obligation to make repairs for items not in working condition
This clause is often included in real estate contracts to limit seller liability.
Does an as-is provision remove the seller’s responsibility to disclose material defects?
No
Sellers are still required to disclose known defects even in as-is sales.
What are the terms of the as-is provision in terms of buyer due diligence?
The buyer has to do their own due diligence, property inspection, etc. prior to purchasing
This emphasizes the importance of buyer research in as-is transactions.
Are you required to disclose AIDS/HIV?
No
This is in accordance with privacy laws and regulations.
Are you required to disclose if there was a homicide or death or similar?
No
What is the radon gas disclosure? Is testing required?
Required to explain what radon is and have a disclosure on the contract or lease agreement; but no testing is required
Radon is a naturally occurring radioactive gas that can pose health risks.
It is a requirement to include a lead-based paint disclosure if the home was built prior to _____
1978
This regulation is based on the risks associated with lead exposure.
What is included in the lead-based paint disclosure?
An EPA pamphlet about the dangers of lead-based paint, before the sale or lease of a residential property built before 1978
This is to ensure that buyers are aware of potential hazards.
Sellers allow home buyers a ___ ____ period during which to conduct an inspection for the presence of lead-based paint
10 day
This allows buyers to assess the risk of lead exposure.
Is a seller required to pay for the inspection?
No
The responsibility for inspection costs typically falls on the buyer.
As of ____ _____, contractors are required to be certified in lead-based paint removal
April 2010
This certification is part of efforts to ensure safe practices in renovation and repair.
What is the energy-efficient disclosure?
Informs buyers, before signing the sales contract, of the option for an energy-efficiency rating on the building
This encourages buyers to consider energy costs in their purchasing decisions.
What is the homeowners association disclosure?
Sellers of a property that is subject to a HOA are required to provide buyers with a disclosure summary
This informs buyers of any rules, fees, and restrictions imposed by the HOA.
What is the property tax disclosure?
Buyers need to be presented with a disclosure summary concerning ad valorem (property) taxes before or at the time of execution of the contract for sale
This ensures buyers are aware of their financial obligations related to property taxes.
What is the building code violation disclosure? What does the seller have to give the buyer?
If the seller has been cited for a building code violation and is the subject of a pending enforcement proceeding, the written disclosure to the buyer is required; AND, the seller has to give the buyer a copy of the pleadings and code violation notice
This protects buyers from potential legal issues related to property compliance.
What does the building violation disclosure state?
That the buyer could be responsible after closing if not resolved prior
This highlights the importance of addressing violations before the sale is finalized.
