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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 31699
Experience:  16 years of legal experience including real estate law.
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When selling a house "as is", are you required to disclose

Customer Question

When selling a house "as is", are you required to disclose everything wrong with the house?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Tina replied 1 year ago.

Hello and welcome.

My name is XXXXX XXXXX my goal is to provide you with excellent service today. Before I can give you an accurate answer to your question, please provide the following additional information:

What type of sale does this involve, is it a short sale?

I look forward to assisting you as soon as I have received this information. Thank you.

Customer: replied 1 year ago.

Not a short sale. House is being sold by the heirs of the estate. Property is to be sold "as is". We have buyers that will pay cash. I beleive it would be difficult to get a loan. The house is over 70 years old and needs a lot of repairs. Some of the heirs believe that it is not necessary to disclose what is wrong with the house. I would like your opinion. My opinion is to disclose all that is known.

Expert:  Tina replied 1 year ago.
Hello again, Darlene.

If the purchase agreement does not require disclosures as a conditions of the sale, then it is not legally required. Such agreements can require disclosure even where the property is being purchased "as is", although the buyer cannot terminate the agreement because of the disclosures in an "as is" sale typically.

Therefore, it is normally dependent on the agreement signed by the parties as to whether the disclosures are necessary in such as sale, but usually they are not.

I hope this helps clarify the situation for you. Please remember to rate my service once you have all the information you need so I will be compensated for my time from the deposit you posted with this website. If you have any other questions, please ask me – I’ll be happy to respond. Thank you!

Tina

Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 31699
Experience: 16 years of legal experience including real estate law.
Tina and 5 other Real Estate Law Specialists are ready to help you
Customer: replied 1 year ago.

I sold Real Estate many years ago and it was said; disclose, disclose, disclose. How could you sell property to someone without telling them what you know to be wrong with the house. The heirs are selling the property themselves. We would like infor on an agreement between seller and buyer.

Expert:  Tina replied 1 year ago.
What information are you seeking with regard to an agreement? Traditionally, full disclosure is the rule, but today with the many foreclosures and short sales, it has become more common for sales to be made "as is" without disclosures being required. It is risky for the buyer and I would not typically engage in such a transaction involving such a large investment, but if you are sure this involves an "as is" sale, full disclosure is not automatically required unless set out in the purchase agreement.
Customer: replied 1 year ago.

I should say contract not agreement. Is there a web site to download a contract for real estate sales?


 

Expert:  Tina replied 1 year ago.
Hello again, Darlene.

Yes, there are quite of few sites which provide form contracts you can use. Here is a link which provides a good sample contract:

http://www.legis.state.wv.us/legisdocs/reports/agency/W11_FY_2012_1526.pdf

Here is a site which charges a small fee to purchase a downloadable form to suit your needs:

http://www.findlegalforms.com/product/west-virginia-offer-to-purchase-real-estate/
Customer: replied 1 year ago.

Thanks Tina


Goodnight

Expert:  Tina replied 1 year ago.

You are very welcome, Darlene. Good night and have a wonderful weekend!

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