Home Buying in North Port>Question Details

lallerrent, Home Buyer in North Port, FL

does seller have legal obligation to disclose of Chinese drywall remediation?

Asked by lallerrent, North Port, FL Sat Jun 15, 2013

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This question was asked from this property: http://www.trulia.com/property/1039620152-Single-Family-Home…

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3
Angela Meyer’s answer
The seller is legal obligated to disclose any issues with the property that they are aware of especially Chinese drywall. Put yourself in the buyers positon. Would you not want someone to disclose such a dangerous thing to you? This is why it is wise that an agent have the sellers complete the sellers disclosure when listing a property. If you have any other questions, please feel free to contact me at (941) 275-7668


angela meyer
RE/MAX Anchor Realty
0 votes Thank Flag Link Sat Jun 15, 2013
Did you know that many of the companies that are doing the remediation's do NOT have the proper insurance to be remediating these homes? If there is a failure in the remediation or it is simply is not done properly a second round of victims will be created and the banks stand to have new foreclosures on their hands. If a home is properly remediated by a properly insured and approved remediation firm the home could be eligible for a full blown insurance policy on it. Should there be a failure the owner would have $500,000 in fund to re-remediate the home. We have already seen insurance companies walk away from claims leaving the owners with nothing. Chinese Drywall is considered contaminated and it is excluded from a GL insurance policy. Therefore there is no recourse for the owners. Whats more unique in Florida is there is a general drywall exclusion on a GL policy which does not discriminate as to if it is contaminated drywall. So if a contractor is out there working in these homes without a Contractors Pollution Liability policy you as the consumer are open to NO recourse should there be an issue.
0 votes Thank Flag Link Tue Jun 18, 2013
There is a disclosure on this property as follows: Villa had Chinese drywall but has been completely remediated by Lennar Builders.

Tammy Hayes, Realtor
RE/MAX Palm Realty
tammyhayesre@gmail.com
941-276-6185
http://www.tammyhayes.remax-florida.com/
0 votes Thank Flag Link Sun Jun 16, 2013
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