Potential problem that arises after Agreement of Sale

What is the name of your state? Pennsylvania

We signed an agreement of sale for our home about three weeks ago and have closing in about 3 weeks from today.

Our home has passed all the required inspections that were completed at the buyer's request.

Now, we recently heard a rumor....and it "looks" to be true that a "less than desirable" industrial/commercial plan is on the table to be built across the street from our house and subdivision in which our home is located.

This tract of land has always been zoned for such, although no building has ever taken place and it is basically a big open field in it's present state.

Now, after the fact...is this something that needs to be disclosed to the buyer's????....considering we had no prior knowledge of this fact and the proposed plan had been submitted AFTER we had a signed agreement of sale.

We are moving and in the process of building a new home and I would hate to find out that we would be liable for this after the fact.

Any suggestions????

An attorney advised me that the Seller's Disclosure is pertinent to the property and house being purchased only and it does not account for neighboring or adjacent properties.

Does the buyer have any responsibility of Due Diligence in this transaction???

Any ideas are greatly appreciated...Thanks.

[HomeGuru]

[quote]Originally posted by 1Needs2Know
[b]What is the name of your state? Pennsylvania

We signed an agreement of sale for our home about three weeks ago and have closing in about 3 weeks from today.

Our home has passed all the required inspections that were completed at the buyer's request.

Now, we recently heard a rumor....and it "looks" to be true that a "less than desirable" industrial/commercial plan is on the table to be built across the street from our house and subdivision in which our home is located.

This tract of land has always been zoned for such, although no building has ever taken place and it is basically a big open field in it's present state.

Now, after the fact...is this something that needs to be disclosed to the buyer's????....considering we had no prior knowledge of this fact and the proposed plan had been submitted AFTER we had a signed agreement of sale.

We are moving and in the process of building a new home and I would hate to find out that we would be liable for this after the fact.

Any suggestions????

An attorney advised me that the Seller's Disclosure is pertinent to the property and house being purchased only and it does not account for neighboring or adjacent properties.

**A: not true. If neighboring nearby property was a noisy airport, industrial landfill that leaks hazardous waste etc. the home seller must disclose these material facts etc.
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Does the buyer have any responsibility of Due Diligence in this transaction???

**A: yes. The Buyer has every right to investigate and inquire as to master plans, future development projects etc.
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Any ideas are greatly appreciated...Thanks.

**A: in your case, you have no case since the current zoning allows such a development.

Thank you very much for your reply....

[HomeGuru]

Good luck to you.