Margaret is selling her home in Columbia, South Carolina. She completes the required Property Condition Disclosure Statement and delivers it to the buyer, David, before he signs the purchase contract. David later discovers a roof defect that Margaret had disclosed on the form. David claims he did not read the disclosure carefully and wants to hold Margaret liable. Under the SC Residential Property Condition Disclosure Act, what is the most likely outcome?
Correct Answer
A) Margaret is not liable because she properly disclosed the known defect on the required statement
Under S.C. Code Ann. §§ 27-50-10 et seq., when a seller properly completes and delivers the Property Condition Disclosure Statement, the seller fulfills the disclosure obligation for known conditions. If a defect was disclosed and the buyer chose to proceed with the purchase, the seller is not liable for that disclosed condition. The buyer's failure to read the disclosure carefully does not create liability for the seller.
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Related Topics & Key Terms
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Related Concepts
An as-is clause in a real estate contract states that the buyer accepts the property in its current condition without requiring the seller to make any repairs. However, an as-is sale does NOT eliminate the seller's obligation to disclose known defects.
Asbestos disclosure involves informing buyers about the presence of asbestos-containing materials (ACMs) in a property. Asbestos was commonly used in construction materials before 1980 and poses health risks when fibers become airborne.
Violating fair housing laws can lead to significant penalties, including fines, civil liability, and professional discipline.
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