Contracts
A Mississippi seller's property disclosure form asks about known defects. The seller recently learned of a defective HVAC unit but does not disclose it. This failure to disclose is:
AAcceptable since HVAC systems wear out and buyers should inspect
BPotentially fraudulent concealment of a known material defect, exposing the seller (and agent if they knew) to legal liability✓ Correct
COnly a violation if the buyer asks specifically about HVAC
DLegal since the disclosure form is just a formality
Explanation
Mississippi seller property disclosure requirements and general fraud principles require sellers to disclose known material defects. Knowingly concealing a defective HVAC system is fraudulent concealment.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Math Concepts
State-Specific Concepts
Disclosure Requirements
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