Whio knows what this means in an offer to purchase ?

aniceeAugust 28, 2009

I would like to know if someone knows what this means in an offer to purchase form:

All waranties and representation contained in the agreement shall survive the closing unless otherwise stated in this agreement.

I will know Monday by my lawyer but can't wait so if anyone knows I would appreciate...

Thank you!

Anicée

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creek_side

Whatever the seller guaranteed or stated as fact remains in force after the sale closes. After the closing, the buyer would retain the right to rely on the guarantees and statements of fact.

In other words, the buyers could sue the seller if the guarantees weren't honored, or if something the seller stated as fact turned out to be false, and the buyer suffered harm.

That's my non-lawyer opinion.

    Bookmark   August 29, 2009 at 8:38AM
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berniek

"All waranties and representation contained in the agreement shall survive the closing unless otherwise stated in this agreement."

Interesting statement. Here, it would be the other way around. There are no automatic items that survive the closing unless they are spelled out.
i.e. the air conditioning unit has 2 years remaining on it's warranty and shall transfer to the new owner at closing.

    Bookmark   August 29, 2009 at 10:53AM
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brickeyee

Strike the clause.

    Bookmark   August 29, 2009 at 1:44PM
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