An “age clause” is a provision sometimes included in real estate contracts or agreements when purchasing a home an older home. In practicality this is most of the time a house which is 25 years and older. This clause relates to the age of the house itself and means that the buyer acknowledges that the property is of a certain age and that certain defects or shortcomings may occur as a result of this age.
For example, the chance of the house getting a leakage is bigger with older homes (different build and materials) then which a newer home.
The age clause is intended to protect the seller against possible claims or disputes arising from hidden defects typical of older homes. By including this clause, the buyer expressly acknowledges that they are aware of the age of the property and that they understand that maintenance or renovation work may be required to keep it in good condition.
It is important for buyers to read and understand the age clause carefully before signing a purchase agreement as it may affect their rights and responsibilities regarding the condition of the property.
It is very important to keep this in mind when buying a home and for this is very handy to consult a realtor with more knowledge about the build and state.
M&D Real Estate is specialized in these clauses and will make sure that you won’t make and mistakes as a buyer or miss things.
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