There are two things that are essential in a property transaction: The seller's duty of fair disclosure The buyer's duty to investigate Fair disclosure is a crucial concept when it comes to property transactions. The seller's duty of fair disclosure means that the seller must be honest and fully inform the buyer of all material facts about the property that may affect the buyer's decision to purchase. This could include information about hidden defects, self-builds, planned developments in the area or other matters that may affect the value or use of the property and ultimately the buyer's decision to buy. Failure by the vendor to comply with the duty of fair disclosure can have significant financial consequences. The buyer may claim compensation or, in the worst case, seek to have the transaction cancelled if it transpires that important information has been withheld. It is therefore in the seller's interest to ensure that all relevant information about the property is disclosed at an early stage so that the buyer can make an informed purchase decision. On the other hand, the buyer also has a duty to investigate. The buyer must thoroughly inspect the property himself by carrying out a technical inspection and asking the vendor questions about the documents and the condition of the property. It is also important for the buyer to point out if there are any conditions that are material to the buyer. This could be the use of a basement or attic for a room or similar - or if the buyer wants to build an extension and the seller already knows that this is not possible. The seller then has the opportunity to raise the matter directly and fulfil his duty of fair disclosure. If the buyer fails to comply with his duty to inspect, for example by failing to check the transaction documents, this may weaken the buyer's ability to make a claim at a later date, as the buyer will not be able to rely on defects that could have been discovered during a normal lay inspection of the property, a building survey or an examination of the documents. The balance between the seller's duty of fair disclosure and the buyer's duty of investigation is essential for a good and balanced property transaction. Hvis en af parterne ikke overholder deres pligter, kan det føre til økonomiske tvister. For sælgeren kan det resultere i erstatningskrav eller en prisnedsættelse for ikke at have opfyldt sin loyale oplysningspligt, mens køberen risikerer at stå med uventede udgifter, hvis de ikke har udført en grundig undersøgelse. In property transactions, it is therefore vital that both seller and buyer understand their obligations. A seller's failure to comply with their duty of fair disclosure can have serious financial consequences, while a buyer's failure to investigate properly can lead to unpleasant surprises. Both are equally bad, but in theory the seller's failure to comply with his duty of fair disclosure must be given considerable weight, as the seller is the party who knows the most about the property and is therefore best placed to shed light on it. If the buyer chooses not to disclose important conditions of the purchase, such as special usage requirements, or chooses not to review the transaction documents with a buyer's agent or buyer's solicitor, the buyer will be at a disadvantage in the event of a potential objection to the property that could have been identified with reasonable diligence and review of the transaction documents by a buyer's agent. Do you need a free buyer's agent for an initial consultation? If you choose the right property, we'll find a price, but let's talk long before that so you're well prepared to enter into a purchase agreement. Buyer's agent and lawyer Kira from the legal team is available for sparring, negotiation and buyer's advice at kira@jurateam.com or tel. 50 55 10 60. Looking forward to hearing from you.