Under Maine law, what protection does a seller receive by making a good faith disclosure of a known property defect?
Correct Answer
B) The seller is protected from liability for defects that were honestly and accurately disclosed to the buyer
Under Maine's property disclosure law (33 M.R.S. § 173), a seller who honestly and accurately discloses known defects on the Property Disclosure Statement is protected from liability for those disclosed conditions. However, this good faith protection does not shield a seller from liability for fraudulent misrepresentation, negligent misrepresentation, or deliberate concealment of defects. The disclosure must be made in good faith and reflect the seller's actual knowledge at the time of the disclosure.
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Related Topics & Key Terms
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Related Concepts
Mold disclosure involves informing buyers about the presence of mold or conditions that are conducive to mold growth in a property. While no federal mold disclosure law exists, many states require disclosure of known mold issues.
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
Protected classes are groups of people who are legally shielded from discrimination based on specific characteristics.
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