Sellers often feel they can rely on the protection of an “as is” contract. “As Is” means you take as is and there are no warranties made by the Seller. This is strong stuff. “Caveat Emptor” – buyer beware, goes a long way. But it is not bulletproof. In Florida there is a case called Johnson v. Davis, which provides if a Seller has knowledge of a fact which is not readily observable by the Buyer, and the Buyer has no knowledge of the fact (defect), and this defect materially affects the value of the property, the Seller has a duty to disclose. We advise all Sellers when in doubt, to disclose all possible defects which may affect the value of the property. Better to get it out in the open, then to have a Johnson v. Davis case on your hands. Consult with your attorney before you enter into a real estate contract.
Professional legal advice is essential for the effective transfer of real property. Attorney Anthone Damianakis advises clients with regard to all aspects of a real estate transaction.
Contact us to schedule a consultation today.