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Lynn_OBrien
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Registered: ‎11-12-2012
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Commercial Property Question

My first pending sale is a commercial property.  We have toured this property several times, doing walk throughs and checking it out. After a mutual price acceptance, my buyer had an environmental inspection done, which was required to secure financing. The ESA inspection came back clean. The day of the inspection the buyer noticed that the power and gas meters were for a separate property, that the one they were buying had no meters. We contacted the power, gas and the listing agent about this.

 

When we contacted the listing agent, s/he said that it wasn't the seller's responsibility to disclose that material fact. That the buyer should have had another inspection done to disclose it.

Since this would affect how ANY buyer would view the property, shouldn't this fact have been disclosed in the listing documents (which said nothing except that the property had power, sewer, and gas to it), in a seller's disclosure document (which the listing broker said wasn't needed because it was a commercial property), or at any other time? The listing broker said that they aren't responsible for any of the costs to disconnect or for any new meters or lines run. They have already disconnected the gas line from the main. The listing broker gave me the quote from one electrician about how much it would cost to change over.

 

We are supposed to close at the end of this week, on the 16th.