Parties should consult their lawyers for all legal issues regarding real estate.
Because legal documents controlling use of the real estate can change overnight with proper document recording, always refer these legal questions to the attorneys even if you have received closing attorney copies of title documents for your deal’s same subdivision from a closing of a nearby property that occurred the day prior to your closing.
SCR310 contract has some risk management language on these issues, example:
SCR310:
26. BROKER DISCLAIMER: Parties acknowledge that Brokers give no warranties or representations of any kind, expressed or implied as to: (1) condition of the Property, including but not limited to termites, radon, mold, asbestos, moisture, environmental issues, water, waste, air quality, HVAC, utilities, plumbing, electrical or structure, etc. (2) condition of the Property, survey or legal matters, square footage (3) off site conditions (4) schools (5) title including but not limited to easements, encroachments, projections, encumbrances, restrictions, covenants, setbacks, and the like (6) fitness for a particular purpose of the Property or the improvements (7) zoning ordinances and restrictions (8) projected income, value, marketability, taxes, insurance, or other possible benefits to Buyer. Parties consent that their Brokers may communicate with them via any means; and use or disclose information not made confidential by written instruction of Parties.
Posted by: Byron King on 03/03/22 (This information is only accurate as of 03/03/22. You must contact SCR for updates and changes to this information after 03/03/22 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org)
This information is not legal advice. This information is intended only to provide general information and may not be relied upon as specific legal guidance. Legal counsel should always be consulted before acting in reliance on this information.