After you determine the statute of limitations on a real estate non-disclosure claim, it is important to analyze the purchase and sale agreement itself – the contract. First, a buyer considering suing on a real estate non-disclosure claim should review the purchase and sale agreement. The vast majority of purchase and sale transactions in the state of California use the California Association of Realtors standardized forms.
In these forms, you will find the Real Estate Transfer Disclosure Statement and, sometimes, the Sellers’ Property Questionnaire. These forms are important because they reveal exactly what the seller disclosed. Obviously, before bringing an action for non-disclosure, the buyer must make sure that the item(s) in dispute were not actually disclosed. As a Los Angeles Real Estate Attorney, we always look at the disclosure documents to make sure the new homeowner simply did not miss the disclosure amongst all of the technical documents. If the item in dispute, we then move on to determining whether the seller or seller’s agent/broker had actual knowledge of the item that is in dispute.
Keep in mind, while you examine the California Residential Purchase and Sale Provision the buyer should pay attention to the dispute resolution mechanisms discussed in the contract. For example, the standardized form includes an option whereby the parties may have agreed to arbitration as opposed to a court proceeding. This is important because it, at the very least, controls the venue in an action against the seller.
As you can see, as an experienced Los Angeles Real Estate Attorney there are many things to consider before filing a lawsuit or initiating an arbitration. For help with your real estate matter contact us at Schorr Law, APC, email@example.com, 310-954-1877. www.schorr-law.com. Contact us for a free consultation.