An Ohio seller misrepresents the property's roof age as 5 years old on the Residential Property Disclosure Form. The actual roof age is 18 years. After closing, the roof fails within a year. Under ORC §5302.30, what is the seller's liability?
Correct Answer
A) Liability for damages if the buyer can show the seller knew the roof age was misrepresented
Under ORC §5302.30, the seller must provide accurate information on the Residential Property Disclosure Form. If the seller knowingly misrepresented the roof's age, the buyer can pursue damages. The key is proving the seller's knowledge — that the seller knew or should have known the roof was 18 years old, not 5.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
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