The Property Condition Disclosure Waiver $500 is utilized in situations where a property seller wishes to limit their disclosure obligations and a buyer is willing to proceed with the transaction without full property condition disclosures. This document emerged from the need to streamline real estate transactions while providing fair compensation for increased buyer risk. It's particularly relevant in as-is property sales, investment purchases, or situations where the seller may not have complete knowledge of the property's condition. The $500 consideration ensures the waiver's enforceability under U.S. contract law, though it remains subject to state-specific restrictions and federal disclosure requirements that cannot be waived.
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1. Identification of Parties: Names and details of buyer and seller
2. Property Description: Legal description and address of the subject property
3. Waiver Statement: Clear statement of buyer's waiver of right to property condition disclosure
4. Consideration: Statement of $500 consideration for the waiver
5. Acknowledgment: Buyer's acknowledgment of understanding the waiver
1. Known Defects: Section for listing any known defects that must be disclosed despite waiver - used when seller is aware of material defects that cannot legally be waived
2. Environmental Hazards: Section for disclosure of known environmental issues - used when property has known environmental concerns
3. Lead Paint Disclosure: Required federal lead paint disclosure section - mandatory for properties built before 1978
1. Property Description Schedule: Detailed legal description of the property including lot numbers, boundaries, and any easements
2. Known Defects Schedule: Itemized list of any known defects that must be disclosed despite the waiver
3. Receipt of Consideration: Documentation confirming the payment and receipt of the $500 consideration
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