Wednesday, July 11, 2018

Sellers Now Have To Disclose Insurance Claims In Their Real Estate Condition Report

As an attorney who primarily represents buyers in court, I regularly conduct discovery on insurance claims filed by sellers.  Evidence that sellers filed an insurance claim based on the same condition that they later failed to disclose to buyers in their Real Estate Condition Report is pure gold.  Such evidence establishes that the condition existed and that the sellers thought that it was significant enough to file an insurance claim.  Sellers have a really hard time explaining why they checked "NO" to a property condition statement relating to flooding or leaks when they got $10,000 from their insurance company for basement flooding.

The new Real Estate Condition Report required by Wis. Stat. § 709.03 mitigates against such situational candor through requiring sellers to answer the following question:

Have you filed any insurance claims relating to damage to this property or premises within the last five years?

Please note that there is no exception based on the sellers' subjective belief that they have resolved whatever condition caused the damage.  If the seller has filed an insurance claim within the last five years, he or she must answer this question "YES."  The seller should explain his or her "YES" response at the end of Section G, preferably through attaching documents relating to the insurance claim.

Of course, I have also discovered that sellers "forget" to disclose conditions in their Real Estate Condition Report that previously caused them to make a warranty claim against the manufacturer of their roofing shingles, participate in a class action settlement against their siding manufacturer, or even sue their seller for misrepresentation.

Since the Real Estate Condition Report still does not specifically require sellers to disclose such claims, I sometimes write language in offers requiring sellers to provide copies of all warranties and any warranty claims.  You can also find any legal actions that your sellers have filed (or have had filed against them) in Wisconsin courts through Wisconsin Circuit Court Access.     

19 comments:

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  2. What do people think about a business having the need to outsource a call center to get help as a Calling Solution Home Inspection is also one of those industries in which assistance from outer sources is present as performing the actual home inspection is different and being available all day for query calls is different. But this does not mean that these calls are not important, they are equally important as a sale because out of all these calls, a study showed that there is a 33.33% chance that one call is a potential sale which means that if you are getting 5 calls, 1 out of them can be a potential one but if you miss the call due to your commitment to work which is not a bad thing, you will eventually lose more work which means loss. Therefore, in an industry like Home Inspection Call Center is a word that sounds like a blessing due to the mere fact that home inspection companies need professionals to answer their query calls and satisfy their customers about the services they are going to get beforehand so that they are 100% sure about their decision and once the sale is locked, the cause is served. But this cannot be done without the help of a third party who treats your business like their own, gets to know it, knows how to satisfy your customers by highlighting your positive points and book and schedule appointments without any clash and extreme professionalism. To your luck, Inspector Call Center is exactly doing this in order to provide you the extreme comfort of just doing your job, giving the maximum output out there without having to worry about the fact that someone out there is calling you for help and you are not available because gone are such days, now you can perform your job with 100% effort and respond to all the calls and queries at the same time, all thanks to ICC.


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  3. In an industry like Home Inspection Answering Calls Solution is very important as you get your job through calls so if you miss the calls you are getting as inquiries, you will eventually lose the sales. Home inspection services hold the essence of a good impression by delivering 100% customer satisfaction which means that at the end of the day, if your customers are not happy with your services, this will impact your business badly but a very important point that is missed that a person will only book an inspection if he is convinced on call about what he will be provided with once he does it. If a person calls a company, worried about the state of his house and call is not picked, he will definitely call the next best option to fix this problem. And even if the call is attended and he is not satisfied with what he is being told, he will not proceed further and book an inspection. This is where people need to understand the importance that Call Center Solution for Real Estate holds. If a person is satisfied, he will definitely give you the job and spread positive word of mouth about the services he got from the moment he called the company till the moment the inspection was done.

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