As someone who is purchasing a home, you have specific rights when it comes to disclosure; for example, the seller must disclose certain conditions that impact the healthfulness, quality, and safety of the home. For example, are there material defects when it comes to the foundation? Any past flooding? All of these disclosures must be made prior to entering into the sales contract, although they do not preclude the buyer doing his or her due diligence through, for example, a thorough inspection of the home. Show Residential Real Estate Property Disclosure Act The Illinois Residential Real Property Disclosure Act applies disclosure duties to sellers of residential real property. The seller must make these disclosures regardless of the circumstances under which the property is being purchased, and if the seller fails to do so, the buyer has the right to terminate the contract. In addition, any seller who fails to perform any of the duties covered by the Act is also liable for damages and court costs, and this includes answering questions on the standard property disclosure report form. However, a strict statute of limitations applies here: An action cannot be brought for any violations any later than one year from the date of possession, occupancy, or recording of the conveyance. Note, however, that the Act does not apply to certain transfers via court order; for example, property that is transferred via probate court as part of the administration of an estate or between spouses who are getting a divorce, etc. Make sure that you work with a real estate attorney to ensure that you understand the many exemptions involved with any property in which you might be interested. The Disclosure Report Note that the seller must complete all of the sections of the mandatory disclosure document included in the Act and deliver this (in writing) to the prospective buyer before entering into a written agreement that officially transfers the property. This requirement cannot be waived. However, the seller is not liable for any error, inaccuracy, or omission if they did not know about the error or were operating under a reasonable belief that it had been corrected. In other words, they only have a duty to disclose information about material defects that they have “actual knowledge” of, and they are not obligated to make any specific investigations to complete the disclosure statement. If, however, they obtain this knowledge prior to closing, they must supplement the prior disclosure document with a written supplemental disclosure. Also note that these disclosures are meant to reflect the current condition of the property and do not have to include any previous problems the seller reasonably believes have been corrected. Broker’s Duties A broker is defined as “one who sells real estate for his own account while engaged in the business of buying or selling real estate.” A real estate broker must oversee the contracts and transactions for sales and purchasing homes. Brokers also have fiduciary duties to the clients (usually the sellers) with whom they work. In addition, Illinois courts have been more receptive to increasing broker’s duties to prospective home purchasers, including, in some cases, imposing liability for fraudulent concealment, negligent misrepresentation, and any violations of the Consumer Fraud and Deceptive Business Practices Act. If you have concerns about potential violations of a broker’s duties, speak with an experienced real estate attorney to find out if your rights have been violated. For example, in Salisbury v. Chapman Realty, 465 N.E. 2d 127 (1984), the court declared that brokers engaged in the business of listing, showing, and selling real estate, as well as handling the paperwork, etc. are not exempt from liability simply by claiming that a home was sold by individual sellers. The case also discusses the elements of a cause of action for fraudulent misrepresentation and/or concealment, which includes the duty to disclose material information, and this applies to brokers under the Real Estate Brokers and Salesmen License Act. Note that silence may constitute fraudulent concealment of a material fact, and brokers cannot escape this by claiming that the other party could have discovered certain facts by examining public records. Zimmerman v. Northfield Real Estate, Inc., 410 N.E.2d 409 (1st Dist. 1986) reinforced the rule that the brokers have a duty to speak regarding material information of which they had knowledge and a duty to disclose material facts under the Real Estate Brokers and Salesmen License Act. The court reiterated that they occupy a position of trust with respect to purchasers with whom they are negotiating and owe a duty to exercise good faith in their dealings with such purchasers even absent the existence of an agency relationship, and that plaintiffs may recover financial losses from brokers for violation of this duty. What are the duties of a seller?Salesperson Responsibilities:. Greet customers.. Help customers find items in the store.. Check for stock at other branches or order requested stock for customers.. Provide customers with information about items.. Ring up purchases.. Elevate complaints to management.. Keep track of inventory.. What are the rights and obligations of buyers and sellers?Seller shall sell and deliver, or cause to be delivered, and Buyer shall purchase and receive, or cause to be received, the Quantity of the Product at the Delivery Point, and Buyer shall pay Seller the Contract Price.
What is the obligation of the buyer to the seller?The buyer's main duties are simple: payment of the purchase price and acceptance of delivery. Contemporary legal systems are no longer concerned with enforcing a just price.
What are the obligations of the vendor in a contract of sale Philippines?Principal obligation of the vendor 1. To the ownership of the determinate thing 2. To deliver the thing 3. To warrant against eviction and against hidden defects 4.
|
