Disclosure Obligations in Residential Real Estate Transactions: What You Need to Know
Buyer Beware
Many people know that the doctrine caveat emptor, which means “let the buyer beware,” is applicable to real estate transactions. This means that, for the most part, it is the purchaser’s responsibility to identify any issues with a given property by having it properly inspected and inquiring about the condition of the property/structure that they are buying. However, the seller...
How Specific Performance can Remedy a Breach of a Contract of Purchase & Sale
What is a Contract of Purchase and Sale?
When one party sells a piece of real estate to another party, they enter into a Contract of Purchase and Sale, commonly known as a CPS. This is a contract that stipulates what is required of both parties in order to complete the transaction. If these requirements are not met, the CPS is considered breached and the sale does not go through. Oftentimes...