A lawful contract cannot contain mistakes, misrepresentations, fraud, or be made under duress. Essentially, each party must provide valid consent to the contract; if consent is deemed unenforceable in some way, the contract may be cancelled or declared void. In real estate purchase contracts, the seller has an explicit duty to provide truthful information and […]Continue Reading... Comments Off on Understanding the Seller’s Duty to Truthfully Report Information about a Property
In real estate transactions, sellers are required to disclose known material defects to the purchaser of the home. Typically, materiality is defined as any condition that, if known, to the buyer, would prompt the buyer to abandon the transaction or demand a reduction in the purchase price. The exception to this rule is that sellers […]Continue Reading... Comments Off on The Scope of a Buyer’s Due Diligence Obligations
One of the requisite elements of a valid contract is that both parties consent to enter into an agreement. In contract law, this is commonly referred to as a “meeting of the minds.” A meeting of the minds does not occur when one or more of the parties is under a false assumption or is […]Continue Reading... Comments Off on When Can a Real Estate Agreement Be Voided?