QUESTION
What is the general meaning of "material defects/malfunctions" in real estate disclosures in California?
Asked on Sep 02nd, 2015 on Real Estate - California
More details to this question:
Who decides materiality? Is it the sellers that are filling out the disclosures? The buyers who are purchasing the property? Or something/someone else?
1 ANSWER
Estate Litigation Attorney serving Redlands, CA
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Materialiality is an objective standard that is applied based on the facts and circumstances surrounding the purchase of the property. It generally depends. There are cases and statutes that mandate certain things be disclosed in a real estate transaction. If the issue would affect a reasonable buyer's decision to purchase the property, then it is material and should be disclosed.
Answered on Sep 02nd, 2015 at 3:28 PM