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The Seller Property Information Statement, a disclosure form created by the real estate industry, continues to cause grief for sellers, buyers — and real estate agents.
Back in August, 2008, Daniel Fors bought a house in Thunder Bay from Vance and Dorothy Overacker for $392,000. Jack Mallon was the real estate agent for the sellers on the transaction.
Following closing, the buyer experienced significant water problems in the basement and roof.
During the three years the Overackers owned the home before selling it, they also experienced significant water problems in the basement due to a high water table on the land. Their sump pump system had to work almost continuously to avoid basement flooding.