Orlando Sellers Disclosure VS Orlando Purchase Contract
I had a closing today with an agent who thinks that the sellers disclosure supersedes the contract…yes, the agent believes that the refrigerator does not need to work because it is not on the sellers disclosure and the seller left it as a “courtesy”…(of course it was part of the purchase contract and worked at the time of inspections…)
The agent is seriously mistaken about what an Orlando sellers disclosure and an Orlando purchase contract really is.
Sellers Disclosure is just a disclosure. There is no legal requirement in Florida for a seller to give a buyer a written seller property disclosure statement. The seller however is obligated under Florida law to disclose to a buyer all known facts that materially affect the value of the property which are not readily observable and are not known to the buyer. The Sellers disclosure obligation can be fulfilled via either a verbal or written disclosure.
Purchase Contract is a real written agreement that is a legally binding contract betweeen a buyer and a seller that spells out the terms under which a seller will sell a property and a buyer will buy. Florida is a Statute of Frauds State which means that in order to be enforcable an Real Estate Purchase agreement must be in writing.
Sellers Disclosures are not part of the purchase contract unless you tie the two together. The sellers disclosure is just that…a disclosure.
Purchase Contract on the other hand, is an iron clad agreement that rules what happens in the real estate transaction.
- The purchase contract is the authority.
- The purchase contract superseeds MLS.
- The purchase contract overides the Sellers Disclosure.
Orlando Sellers Disclosure VS Orlando Purchase Contract? The Purchase Contract always rules!
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