California state statute requires sellers to provide a real estate Transfer Disclosure Statement (TDS) to buyers of
Question:
California state statute requires sellers to provide a real estate "Transfer Disclosure Statement" (TDS) to buyers of residential property consisting of one to four dwelling units. Required disclosures include information about sign cant defects, including hazardous materials, encroachments, easements, fill, settling, flooding, drainage problems, neighborhood noise, damage from natural disasters, and lawsuits. Mark Hartley contracted with Randall Richman to buy Richman's property in Ventura, California. The property included a commercial building and a residential duplex with two dwelling units. Richman did not provide a TDS, claiming that it was not required because the property was "mixed use"-that is, it included both a commercial building and a residential building. Hartley refused to go through with the deal. Did Hartley breach their contract, or did Richman's failure to provide a TDS excuse Hartley's nonperformance? Discuss.
Step by Step Answer:
The Legal Environment of Business Text and Cases
ISBN: 978-1305967304
10th edition
Authors: Frank B. Cross, Roger LeRoy Miller