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.
