Monday’s Realtor® Legal Tip – Why use the Buyer Due Diligence Checklist?
May 22, 2017
Author: Curtis Bullock
Another simple legal tip, but this one is so important. I know of one attorney that has successfully defended real estate brokerages on more than one occasion with motions for summary judgment using this important form. The classic case involves a buyer who fails to conduct a home inspection, survey or other test later to find out there is a problem with the home. They often want to blame someone.
That’s where the BDD Checklist comes in handy. This form explains to the buyer many of the important and complicated aspects of purchasing a home. Such things as surveys, home inspections, radon, mold, meth, geological issues, HOA issues, square footage inconsistencies, etc. All of these issues and more are discussed in some detail in this form and are designed to better educate your client about the complexities of purchasing real estate.
If you ever represent buyers, be sure to spend some time explaining this form to your client. Be sure to send them a copy of this form and have them sign it. Emphasize the importance of reading it closely and be available to answer their questions. It may come back to save you in the future!