If it has defective drywall, then I am out the money for the inspection. But our Realtor tells me we would be able to renig on the contract. Right?. DEFECTIVE DRYWALL DISCLOSURE AND INSPECTION CONTINGENCY. This Addendum is to the Sales Contract (“Contract”) entered into between. Many firms are requiring the Chinese/Defective Drywall Addendum to Contract be used in all transactions regardless of the age of the house.
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As real estate licensees, we are required to provide certain written addenrum at various times during the course of a real estate transaction. With all of the legal issues facing licensees, disclosures are intended to protect the buyer, the seller, and the agent. These disclosures should begin at the time a listing agreement is executed between the seller and the real estate brokerage firm.
Disclosures … when should we use them?
Although it may be considered time consuming, a complete Seller’s Real Property Disclosure Statement is one of the best ways of keeping everyone honest.
This statement basically covers every feature and important element of the home.
It allows the seller to identify certain defects that may not be readily observable by the buyer. It also includes components such as electrical and plumbing that may not be functioning or need repair. Simply selling a property “as is” chniese not release the seller from disclosing any known defects that may affect the value of the property. If a home was built between and when Florida addenrum experiencing building material shortages, some homes were built or renovated using defective drywall imported from or manufactured in China.
A licensed inspector qualified to conduct Chinese Drywall analysis should be hired if the property is suspected of having this material.
Toxic Chinese Drywall: Is It in Your Home? | Today’s Homeowner
The money spent on this inspection can save thousands of dollars down the road. In addition to the Chinese Drywall disclosure, a Mold Inspection Addendum should also be used at the time a purchase and sale agreement is executed. Many properties have been left vacant as a result of foreclosures, being sealed up without air conditioning.
With Florida’s high humidity, it doesn’t take long to create an atmosphere conducive to mold growth. This addendum allows the buyer to have a mold inspection at his or her expense. If the inspection reveals significant presence of mold that requires professional removal at a cost that exceeds what the buyer is willing to pay, the buyer may cancel the contract.
For homes that were built in or earlier, a Lead-based Paint Warning Statement must be provided to the purchaser. Radon Gas disclosure is required for all residential transactions in Florida.
Radon gas is naturally occurring radioactive gas that when accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida.
Additional information regarding radon and radon testing may be obtained from your county public health unit. One of drywal major issues affecting Cape Coral is the proposed water and sewer expansion program.
Chinese Drywall | Realtor Ron W
Sometimes agents try to answer too many questions haphazardly, rather than refer the buyers to the City of Cape Coral or Lee County. Another disclosure itemizes what the seller and buyer’s addfndum closing costs will be relative to the purchase and sale transaction.
These are merely estimates, and once the HUD-1 settlement statement is prepared by the closing agent and lender, both seller and buyer should review these items for addendu. In Januarythe new HUD-1 will become effective with simpler language. As a former investigator for the Florida Department of Business and Professional Regulation, I have investigated hundreds of complaints filed by consumers.
Some of those complaints alleged the real estate licensee failed to provide various written disclosures. The consequences could be very costly and the ultimate penalty is revocation of license.
So, when your agent adcendum you to sign disclosures, whether you are addendym buyer or seller, they are simply doing their job for the purpose of protecting the public. Mario is a former Florida Real Estate Commission investigator, a former real estate instructor, and a published author. Mario is also a U. For more information, contact Mr.
Tainted Chinese Drywall in Florida is a problem for homeowners, builders, and Realtors®