Key Takeaways
- Post-sale claims typically arise from undisclosed defects, misrepresentation, or environmental contamination.
- Statutes of limitation vary by state: 2-6 years for fraud, 1-4 years for breach of contract.
- Home warranties, as-is clauses, and comprehensive records reduce but do not eliminate post-sale exposure.
- Selling through properly maintained LLCs limits personal liability for post-sale claims.
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Test Your Knowledge
1.How long after closing can buyers typically bring post-sale claims in most states?
2.What is the most effective post-sale risk transfer mechanism?
3.Which document provides the strongest protection against post-sale concealment claims?