Transfer disclosuren statement

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Reference no: EM132261186

A California state statute requires sellers to provide a real estate “Transfer Disclosuren Statement” (TDS) to buyers of residential property con- sisting of one to four dwelling units. Required disclosures include information about significant defects, including hazardous materials, encroachments, easements, fill, set- tling, flooding, drainage problems, neighborhood noise, damage from natural disasters, and lawsuits. Mark Hartley contracted with Randall Richman to buy Richman’s property in Ventura, California. The property included a commercial building and a residential duplex with two dwelling units. Richman did not provide a TDS, claiming that it was not required because the property was “mixed use”—that is, it included both a commercial building and a residential build- ing. Hartley refused to go through with the deal. Did Hartley breach their contract, or did Richman’s failure to provide a TDS excuse Hartley’s nonperformance? Discuss.

Reference no: EM132261186

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