“Subject to” . . “Statutory” . . . “Cancellation” . . . Huh?!? [Editor’s Note: In addition to “statutory cancellation,” there is another legal status called “subject to statutory Rescission.” At least in Minnesota, purchasers of condo’s and townhomes have a 10 day right to rescind while they review the related Association disclosures. While that 10-day...Read More
Test: ‘Reasonableness’ To recover from their Seller for a home defect, Buyers must satisfy a two-part test. Namely, they must prove that: 1) the defect existed at the time the Seller sold them the home; and 2) the Seller either knew of the defect, or should have known. Which begs the question, “what should sellers...Read More
Telling Buyers What They Know About Their Home’s Condition “Treat people the way you’d like them to treat you.” –The Golden Rule “Home Sellers should tell prospective Buyers anything that they would want to know if they were buying the home.” –The Golden Rule, real estate version Given that 90%-plus of all residential real estate...Read More
Pop Quiz Quick, test your knowledge of residential real estate law by answering the following question: What accounts for something like 90% of all litigation involving residential real estate today? A. Actions for “specific performance” — that is, a lawsuit where either the Buyer or Seller asks the court to compel the other party to consummate...Read More
