Due Diligence & Disclosure was important for this Investor Buyer…

Minnesota QuadraPlex gets demolished after closing – who’s at fault?

Basic info – a quadraplex was scheduled for demolition was up for sale, was sold and closed, and after closing, property was demolished.  Buyer is shocked – but who is responsible about it?

Buyer – failure of adequate due diligence by not contacting the Health Department to seek their interest?

Real Estate Agents for not disclosing or suggesting to contact health department or city?

City – for not filing something in court records in case property is sold that would how up in title search?

Will Title Insurance help you in a case like this?  I guess it all depends on how the Title Insurance is written – if it overs negligence on part of Seller or Agent for non-disclosure.  Was this a short sale where there are really”no disclosures” even if there are disclosures to be made?

This is an example of partial negligence on some one’s part, but how much and whom?

This also is an example of how important you and your Buyer’s Agent perform Due Diligence on the property of your choice.

Source:  http://www.startribune.com/local/stpaul/137353048.html
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply