Ask Your Legal Question. Legal Experts Answer You ASAP.

(Not a Legal Question?)

Discosure Liability on Real Estate in California
Sent to Legal Experts August 14 04:03 PM

We sold my mother's home in Santa Cruz County, California in July - as is, as it was uninhabitable. We filed the necessary disclosure forms for California, but kept saying "As Is" and "To the Best of Our Knowledge".    How many years should I hold on to some trust money in case of liability for disclosure?   I heard that real estate agents in Californi are liable for two years, but don't know.   Am I, as seller, liable for a certain amount of time for the sale of this home?    Janelle Dalton

Customer (name blocked for privacy)
Status:  Closed   Value: $25
Answer
August 14 7:23 PM (3 hours and 20 minutes and 2 seconds later)
         
ACCEPTEDCheck Mark

Greetings:

The problem with seller liability is the statute of limitations. In some situations, the buyer can sue the seller as long as four years after the buyer discovers the condition that was not disclosed. The buyer may not even discover the condition for years and years after escrow closes, and then he has as much as four more years to sue you. Thus, potential liability to the buyer for non-disclosure can lurk for a long time into the future.

Ross real estate agent California homes for sale Marin

If I'm not mistaken, I believe, here in California, that it shouldn't go beyond eight years - I cannot say for absolute certainty as to how long the trust monies should be held, however, it would appear that with the terms stating "As Is" and "To the Best of Our Knowledge" there shouldn't be too much of a concern with respect to liability for any failure to disclose. These terms are generally used to release one from liability, within reason. However, I strongly suggest that you consult with your attorney or tax advisor in order to protect your rights.

http://www.boe.ca.gov/legdiv/sutleg/pdf/ab0671-1ss.pdf

The only thing I have found concerning a two year SOL for which you mention is that there is a two year statute of limitations that applies to claims against architect and construction managers (this does not apply to you) see below:

2-Year Statute of Limitations, Not 4-Year, Applies to Claims Against Architect and Construction Manager

I hope this helped. If you wish for further information, please let me know.

Thank you.

Bright Blessings.

Peace, Love & Happiness,

The Mystic Wave

Information provided herein is based on my 30 years experience as a legal secretary/paralegal in the State of California, with experience and knowledge in the State of Nevada, only. This information is not intended to substitute for informed professional legal advice from a practicing, licensed attorney.



Edited by TheMysticWave on August 14 2005 at 7:45 PM

New Age/Metaphysical Practitioner, Gifted Psychic/Spiritualist/Empath (Tarot/Numerology/Dreams/Herbal Healing, etc.)
Legal Secretary/Paralegal(Personal Injury, Medical & Legal Malpractice, Criminal & more)
Picture
The Mystic Wave -- Paralegal -- 100% Positive Feedback on 257 Legal Accepts
30 yrs. exp. in the legal profession. Specializing in Personal Injury, Criminal, Civil & more.
Think you can answer this question?
Login or Become an Expert

Related Answers

 

DISCLAIMER: You acknowledge that any information you may obtain from individuals you contact through use of the Just Answer service comes from those individuals, not from Just Answer!, and that Just Answer is not in any way responsible for any of the information these third parties may supply. The site and services are provided "as is" with no warranty and no representations are made regarding the qualification of an Expert. Responses and comments on Just Answer! are for general information and are not intended to substitute for informed professional advice (such as medical, legal, investment or accounting) and do not establish a professional-client relationship. Just Answer! is not intended or designed to address EMERGENCY QUESTIONS which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service.

Just Answer! > Legal