Seller Beware

Published on Thursday, 6 April 2017 at 12:00:00 AM

In the past we have had a property settle where we acted for the Seller.

The Seller had signed a Sellers Appliance and Fitting Warranty included on the Offer & Acceptance (O & A) contract, which “warrants that all electrical, gas and plumbing fixtures and fittings be in working order at settlement”.

This means that the seller is saying that all these things are working correctly at the time of settlement.

Following settlement the Buyer found that the hot water tap in the shower was in fact not working.

As the Seller signed the Sellers Appliance and Fitting Warranty, he has an obligation, under the Joint Form of General Conditions of the O & A contract, to remedy the situation.

This remedy could be by performing repairs or monetary compensation.

The alternative would be to go to arbitration to resolve the dispute.

The moral to this story is to make sure you understand what you are signing and what the implications are to you.

If you have any doubts or questions whatsoever about any aspect of the settlement process, make sure you contact your licensed settlement agent, Sanford Settlements.

Back to All News