However, the benefits of the Civ. Code §1102 et seq. are not overt by the acceptance of the language “as seen” by the buyer in the sales contract and the seller is liable for any negligence or intentional failure to detect known concealed defects that are not identifiable during an investigation of the property. Some states require sellers to disclose the location and status of wells on the ground – or if the seller is unaware of existing wells. If the seller knows of wells, the sales contract disclosures must contain a map that highlights the exact location of each drilling site. The seller must also indicate whether the well is sealed or is currently in service. If the buyer decides, between the signing of the sales contract and the closure of the house, that he wishes to withdraw for a reason that is not stipulated in the contract, he loses his serious money and the seller can cash it out. However, a buyer can get his serious money back if he withdraws for a reason stipulated in the contract. If financing was a condition of the sales contract, the buyer must go to a local financial institution to request and secure financing for their home.
This is usually referred to as a “mortgage” and may require up to 20% for a count with other financial commitments, depending on market conditions. With regard to real estate, a contract of sale is a contract between a buyer who wishes to buy a house or other land and a seller who owns and wishes to sell that property. A real estate purchase contract is usually offered by a buyer and is subject to acceptance of the terms by the seller. The sales contract should include the offer price accepted by the seller as well as the means with which it is supplied. Common methods are full payment in cash, with a deposit and a new mortgage, or with an agreement that includes an existing mortgage. This information may be detailed in the sales contract or additional financing may be included in order to clearly describe the buyer`s accounting and credit situation. Similarly, in a real estate purchase agreement, the language “as expected” does not protect a seller from liability in the event of fraud. Code Civ. § 1668 (provide that contracts that directly or indirectly release someone from responsibility for fraud violate the policy of the law). . .