The Purchase Agreement Form Allows the Buyer to Waive the Statutory Disclosures
A real estate agent or broker representing the seller must also complete their portion of the TDS disclosure form and report their observations based on an independent inspection of the property. Civil Code § 1102.6 (Form, Part III). Robinson vs. Grossman (1997) 57 Cal. App. 4. 634, 642; Civil Code §2079. This form can be used in the event that the seller(s) have received multiple offers for a property in a single transaction and want the buyer(s) to submit their “highest and best” offer within a certain time frame. This form can be used for the sale and purchase of commercial real estate. This form is not intended for complex transactions or the sale of businesses without land. This form can be used as an addendum to a purchase contract. This form contains check boxes that allow sellers or buyers to specify the terms of their counteroffer.
The designated agent/broker, not the business unit itself, is responsible for ensuring the Company`s compliance with real estate law. Norman vs. Dep`t. real estate, 93 Cal. App.3d 768, 776-77, 155 Cal. Rptr. 715 (1979) (“Such a real estate agent must reasonably be held responsible for compliance with the Real Estate Act, otherwise without such firm liability, the legal objective would be thwarted.” (internal citation omitted)). This form allows the seller of a condominium to disclose facts regarding the condition of the condominium and to disclose defects or facts that materially affect the value of the property that are not easily observable or known to the buyer. It also allows the seller to disclose known facts about changes to the common elements, condominium fees and other matters related to the condo. This form contains additional clauses that a seller and buyer would like to add to the Residential Sale and Purchase Agreement (FloridaRealtors/FloridaBar-5) or the “AS IS” Residential Contract for Sale and Purchase (FloridaRealtors/FloridaBar-ASIS-5).
“If the seller actively distorts the condition of the property at that time or fails to disclose the actual facts of its condition, which is beyond the buyer`s reach and affects the value or timeliness of the property, an `as is` provision is ineffective in releasing the seller from liability arising from the hidden condition.” Lingsch v. Savage, above, 213 Cal. App. 2d to 742; Galen v. Mobil Oil Corp., 922 F. Supp. 318, 324 (C.D. Cal. 1996) (emphasis added) This is an “as is” contract form. This form can be used if the seller does not want to be forced to repair and the buyer wants to have the right to terminate the contract if the buyer is not satisfied with the inspection of the house. This form can be used when the residential property is sold using the auction method.
It sets a premium to the buyer, has no financing contingency and has checkboxes for closing costs and fees. It also includes a provision deleting the inspection, repair and inspection provisions of the contract. While this disclosure does not have to be made in writing, this form helps the seller disclose latent facts that materially affect the value of the property. It should be used in place of the seller`s Residential Property Disclosure Form. On the advantages of the Civ Code. §§1102 ff. however, does not waive only by the fact that the buyer accepts the expression “as is” in the purchase contract, and the seller is responsible for any failure, whether negligent or intentional, to discover known hidden defects that do not result from an examination of the property. The legal provisions that govern the real estate profession, especially after the 1979 amendment with its genesis, place direct and personal responsibility on the designated manager/broker of a real estate company to supervise sellers to ensure compliance with state and federal laws. This personal obligation is independent of the normal responsibility of a director or the company itself. This is a direct personal responsibility of the agent or broker who is subject to disciplinary action on the personal brokerage licence of that agent or broker.
Holley vs. Crank, 400 F.3d 667, 673 (9th Cir. 2004) (emphasis added), reversed for other reasons Meyer v. Holley, 537 U.S. 280, 123 pp. Ct. 824, 154 L. Ed. 2d 753, same decision on pre-trial detention Holley v.
Crank, 386 F.3d 1248, 1255 (9th Cir. Callus. 2004) `[T]he obligation of a real estate agent representing the seller to disclose the facts … implies a positive obligation to carry out a reasonably competent and diligent inspection of the residential property for sale and to disclose to potential buyers any fact that would materially affect the value or timeliness of the property and that such an investigation would reveal. This form is a commercial real estate advertisement contract where the seller gives the listing broker the exclusive right to sell the property. .