GBREB changes its Purchase & Sale Agreement based on the SJC Decision DeWolfe v. Hingham Ctr., Ltd.
In the June 13, 2013 Edition of the GBAR Informer, we spoke about the DeWolfe v. Hingham Ctr., Ltd, case wherein the Massachusetts Supreme Judicial Court considered the disclosure obligations for a real estate professional when the owner provides inaccurate information about the property’s zoning classification. Based on the Courts consideration of whether the Warranties and Representations language found in the purchase agreement protected the Broker and Brokerage from liability, GBREB has changed their Standard Form Purchase & Sale Agreements to address that issue.
Paragraph 25, WARRANTIES AND REPRESENTATIONS, shall now read:
The BUYER acknowledges that the BUYER has not been influenced to enter into this transaction nor has the BUYER relied upon any warranties or representations made by the seller or seller’s agent not set forth or incorporated in this agreement. If any warranties or representations were relied upon by the BUYER, they are set forth here or incorporated elsewhere in this agreement: ________________________________________________________________________________________
Additionally, the marginal reference under WARRANTIES AND REPRESENTATIONS, shall continue to read: (fill in); if none, state “none”; if any listed, indicate by whom each warranty or representation was made.
The same change is being to the Standard Form Purchase and Sale Agreement for Condominiums, Land and Commercial sales. On the electronic forms platforms, the changes have been made and a paper version is being processed and will be available shortly for those who desire to order them. For additional information, you may contact William G. Mullen III, Esq. at firstname.lastname@example.org