Jeff Hornstein is our Business Law Attorney member. Jeff gave a presentation on Implied Warranties in Home Buy/Sell Agreements. The law took effect in 1979 that regulates inhabitability. Jeff mentioned that there is a latent defect clause that covers cases when houses that have been purchased have a defect that makes the house uninhabitable. This relates to a buyer selling a property where they know that there are defect and they do not disclose them to the buyer. There are even provisions that cover the case of the second buyer who may have not exposed the defect during the time they had the house in possession and the subsequent buyer discovers the defect. There are also provisions that address the “Sold As Is” contract and the liability of the seller. Jeff offered several examples that relate to this issue. Jeff then fielded question from the PRO members.
Remember Jeff Hornstein and Hornstein Law Office when you hear your associates mention that they need to address business contracts – buy/sell agreeements, purchase contacts, product liability issues, etc.