Getting Real (Estate)

[classicman]

lol - wouldn't that be interesting.

[Radar]

The saga continues...

Tonight I got an email from my realtor with documents attached.

WATER DAMAGE, TOXIC MOLD & ENVIRONMENTAL DISCLOSURE, RELEASE AND INDEMNIFICATION AGREEMENT

The undersigned parties to a purchase contract dated _________________ __, for the purchase of the property and the improvements commonly known as ___________________________________________________ (the “Property”) between ______________________________________ (“Buyer”) and Countrywide Home Loans Servicing LP (“Seller”), acknowledge and agree as follows:

Seller hereby advises Buyer that the Property (including, but not limited to, the basement) is or may be affected by water or moisture damage, toxic mold, and/or other environmental hazards or conditions. Seller further advises Buyer that as a consequence of possible water damage and/or excessive moisture, the Property may be or has been irrevocably contaminated with mildew, mold,and/or other microscopic organisms. Buyer is being advised that exposure to certain species of mold may pose serious health risks, and that individuals with immune system deficiencies, infants, children, the elderly, individuals with allergies or respiratory problems, and pets are particularly susceptible to experiencing adverse health effects from mold exposure.

Buyer acknowledges that Seller has advised Buyer to make his/her own evaluation of the Property and to have the Property thoroughly inspected. Buyer has been further advised by Seller that all areas contaminated with mold, and/or other environmental hazards or conditions, should be properly and thoroughly remediated. Additionally, Buyer has been advised by Sellers that habitation of the Property without complete remediation may subject the inhabitants to potentially serious health risks and/or bodily injury. Buyer acknowledges that it is the sole responsibility of Buyer to conduct any remediation on the Property.

Buyer also acknowledges that Buyer is buying the Property AS-IS. Buyer represents and warrants to Seller that Buyer has made (or will make before closing on the purchase of the Property) his/her own inspection and evaluation of the Property to Buyer’s complete satisfaction, and Buyer accepts the Property AS-IS at the time of closing. Buyer is electing to purchase the Property from Seller in an AS-IS condition with full knowledge of the potential condition of the Property,the potentially serious health risks, and the potential liability that Buyer could incur as the owner of the Property for claims,losses, and damages arising out of any toxic mold contamination, and/or other environmental hazards or conditions on the Property. Buyer agrees that the purchase price of the Property reflects the agreed upon value of the Property AS-IS taking into account the aforementioned disclosures.

Buyer understands and acknowledges that the Property was acquired by Seller through foreclosure, deed-in-lieu of foreclosure, or similar process,that Seller has never occupied the Property, and that Seller has little or no direct knowledge regarding the condition of the Property. Buyer further acknowledges that Seller has not made and does not make any express or implied representations or warranties of any kind with respect to the environmental condition of the Property or whether the Property is in compliance with applicable local, state, or federal environmental or other laws,statutes,regulations, rules, ordinances, codes, or standards (“Laws”). Buyer hereby agrees not to pursue any claims, losses, or damages,against Seller, or Seller’s parent company, subsidiaries, affiliates, directors, officers, employees, partners, shareholders, representatives, agents, brokers, predecessors, successors, or assigns, arising out of or relating in any way to any violations of Laws, or for costs, fees, or expenses incurred in conducting investigations relating to Laws or the Property. In addition, to the fullest extent permitted by law, Buyer, for himself/herself, and for all Buyer’s invitees, agents, heirs, executors, devisees, and assigns hereby forever waives and fully releases Seller,and Seller’s parent company, subsidiaries, affiliates, directors, officers, employees, partners, shareholders, representatives, agents, brokers, predecessors, successors, and assigns (the “Released Parties”) from and against any and all claims, causes of action, whether administrative or judicial, losses, costs (including any and all reasonable attorneys' fees, court costs, and reasonable costs of investigation, litigation, and settlement), expenses, sanctions, curtailments, interest, liabilities, penalties, fines, demands, liens, judgments, compensation, fees, loss of profits, injuries, death, and/or damages, of any kind whatsoever, whether known or unknown, fixed or contingent, joint or several, criminal or civil, or in law or in equity arising from, in connection with, or in any way relating to any known or unknown conditions of the Property, including but not limited to, the existence of toxic mold, and/or any other environmental hazards or conditions on the Property (“Claims”).

Buyer also agrees to fully indemnify,protect, defend,and hold the Released Parties harmless from and against any and all Claims.

Of course I won't be signing this document and probably won't be buying the house. I'll check it out tomorrow, but I'm scared as hell now. I applied for this house and they took my offer the next day. I knew it was too fast. There had to be a reason.


Man, I'm pissed. How dare they ask for $345k for a house with water damage or toxic mold?!? When a house get's that kind of mold, they should just destroy it.

[glatt]

It's very possible that the mold isn't a problem and they are just trying to cover their ass just in case.

The seller got the house in a foreclosure and saw evidence of a water leak and possible mold. That's all you know. It could be a problem. It could be no problem. A home inspection by an excellent home inspector will tell you if there is an actual problem. I'd shop around for a real nit-picking home inspector. Someone who takes their time.

[Sundae]

Radar, I can't pretend to understand what the above means, but Glatt does and that's good enough for me.

The house my ex husband and I bought had any number of things discovered at survey stage. From the creaking third step, to the possibility that the bedroom ceiling might fall down at any point. We took a gamble (the ceiling had held for over 3 centuries, we figured it would outlast us - it certainly did our marriage) and bought it.

Good luck to you and yours regardless.

[Radar]

If it's got mold, I'm not going to buy it even if I love it. I have an infant daughter, and I won't risk her health for anything.

[glatt]

Yeah, but you are breathing in mold spores as you read this. Mold is EVERYWHERE. The question is, what kind of mold, and how much?

[Radar]

I grew up in the desert. No mold. At least no living mold.

[glatt]

Obviously, it's your decision, but if it's a house you like, you shouldn't dismiss it out of hand because of this statement until you know more.

[barefoot serpent]

get your own bonded inspector.

[smoothmoniker]

Radar, that's a standard form - it doesn't mean the house DOES have mold, it means you can't come back and sue the seller IF the house has mold. Every house that you try to buy in CA will come with a piece of paper like that.

As others said, you'll find out more during the inspection, and if you find mold, bow out of the deal. You'll still be within the contingency period, and it won't cost you anything more than the price of the inspection ($350 or so).

[classicman]

and a well recommended one at that. DO NOT get one who will just tell you what you want to hear. I've used both kinds.

[classicman]

Originally Posted by barefoot serpent

get your own bonded inspector.

...and a well recommended one at that. DO NOT get one who will just tell you what you want to hear. I've used both kinds.

[smoothmoniker]

PM me if you want the name of ours. He was very thorough, even helped us get the original termite report thrown out and redone. I've called him several times since the inspection, to ask for clarification and followup on things he found, and he has always ready to help, even though we had already paid him and his work was finished.

[glatt]

Originally Posted by smoothmoniker

PM me if you want the name of ours. He was very thorough, even helped us get the original termite report thrown out and redone. I've called him several times since the inspection, to ask for clarification and followup on things he found, and he has always ready to help, even though we had already paid him and his work was finished.

And this is how you find a good inspector. Word of mouth.

Don't use an inspector recommended by either agent. They will tend to recommend inspectors who won't jinx the deal.

[classicman]

I agree with glatt and realize that my prior post may have been ambiguous.