What is the Disclosure law for Mississippi in regards to owner selling their residence?
Have a problem where potential buyers where made aware of a flood condition and given some specific dates, verbally. They were made aware of this by the owners and by a recommended/reputable Insurance agency. The agent informed the potential buyers they would have to get flood insurance though the Federal Government. Due to laws in regards to limitations on past flood claims. They did not choose to insure with this agency but the agent retains his notes in regards to this.
They continued with process and eventually bought the property. Part of their claim now is they cannot get flood inurance, which is false, and are threatening a lawsuit. Seeking full recovery in the transaction of home sale. Which they have now occupied for 6mo. or so.
They acknoweldge the verbal conversation above. They were also fully aware the property was located in a flood zone. In addition it is noted on the appraisal paperwork which they had done in preparation of buying.
IS VERBAL DISCLOSURE SUFFICIENT IN THIS CASE OR IS WRITTEN DISCLOSURE ABSOLUTE? ARE THERE AND CASE LAWS IN REGARDS TO THIS? THANKS A LOT!!
Have a problem where potential buyers where made aware of a flood condition and given some specific dates, verbally. They were made aware of this by the owners and by a recommended/reputable Insurance agency. The agent informed the potential buyers they would have to get flood insurance though the Federal Government. Due to laws in regards to limitations on past flood claims. They did not choose to insure with this agency but the agent retains his notes in regards to this.
They continued with process and eventually bought the property. Part of their claim now is they cannot get flood inurance, which is false, and are threatening a lawsuit. Seeking full recovery in the transaction of home sale. Which they have now occupied for 6mo. or so.
They acknoweldge the verbal conversation above. They were also fully aware the property was located in a flood zone. In addition it is noted on the appraisal paperwork which they had done in preparation of buying.
IS VERBAL DISCLOSURE SUFFICIENT IN THIS CASE OR IS WRITTEN DISCLOSURE ABSOLUTE? ARE THERE AND CASE LAWS IN REGARDS TO THIS? THANKS A LOT!!