Building Wealth One House at a Time

by John W. Schaub

As a buyer, you would like the seller to be responsible if a problem, previously unknown to you, arises after the closing. Common warranties and promises that a seller would make that would survive the closing are: • Seller is conveying the property free of all mechanic’s liens and other claims • Seller warrants that information in the listing agreement, or otherwise provided, is correct to the best of his knowledge • Seller warrants that he has disclosed to the buyer all material latent defects that are known to him • Seller warrants that he has disclosed any information in his possession that materially and adversely affects the consideration paid by the buyer