New Bank Disclaimer

Chinese drywall may not have made its way to Minnesota yet — but Chinese dry wall disclosures have.

I’m currently representing a Buyer interested in a bank-owned property where, in addition to the usual “As Is” disclaimers, there’s a separate disclaimer addressing Chinese drywall.

If you didn’t know, tainted Chinese drywall has popped up as a major issue in other markets, notably Florida and Southern California.

Which may explain why the bank in this case is requiring the drywall disclosure: it’s based in Southern California, where it has undoubtedly run into the issue.

Just like Target — once upon a time — stocked its Southern California stores with the same gloves and antifreeze that it sold in Minnesota, many national banks have a “one size fits all” policy regarding the legal forms they use to dispose of their foreclosures.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

Leave a Reply