Question: I am selling my deceased parents’ home in “as is” condition. I cannot make any representation about the home to the developer buying. I know nothing about the home’s septic system, and the buyer is willing to waive Title V requirements that I repair any defects. However, the buyer still wants to know about the system before closing. Any thoughts?
Answer: Your buyer is willing to buy the home whether or not the septic system passes the requirements of Title V – a state law requiring sellers to pass an inspection of a septic system before selling. This is good, because, a system repair could cost you tens of thousands of dollars. Moreover, you want to remain in the dark about knowing the condition of the septic system. You can satisfy the Buyer’s curiosity, by allowing their confidential assessment.
With a confidential septic system assessment, the buyer will hire a professional to review the septic system – similar to a formal Title V inspection. This glimpse informs the buyer if the system will pass or fail Title V. Importantly, the results of the assessment will be confidential on the Buyer’s side. Your contract can obligate the results to be held in confidence, while keeping the buyer in the deal regardless of the results.
This way, the buyer gets his or her answer early, and you remain uninformed in the future in case this deal falls through.
Answer: Your buyer is willing to buy the home whether or not the septic system passes the requirements of Title V – a state law requiring sellers to pass an inspection of a septic system before selling. This is good, because, a system repair could cost you tens of thousands of dollars. Moreover, you want to remain in the dark about knowing the condition of the septic system. You can satisfy the Buyer’s curiosity, by allowing their confidential assessment.
With a confidential septic system assessment, the buyer will hire a professional to review the septic system – similar to a formal Title V inspection. This glimpse informs the buyer if the system will pass or fail Title V. Importantly, the results of the assessment will be confidential on the Buyer’s side. Your contract can obligate the results to be held in confidence, while keeping the buyer in the deal regardless of the results.
This way, the buyer gets his or her answer early, and you remain uninformed in the future in case this deal falls through.
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