Older Furnace. Is it a Defect Under the Inspection Contingency of the Wisconsin WB-11 Offer Form?
Whether a 25-year-old furnace is considered a defect under the inspection contingency depends on its condition and functionality.
The standard definition of a defect in the WB-11 Offer to Purchase is as follows:
"A defect is a condition that would have a significant adverse effect on the value of the property, that would significantly impair the health or safety of future occupants of the property, or that if not repaired, removed, or replaced would significantly shorten or adversely affect the expected normal life of the premises."
An older furnace may not necessarily be considered a defect under the inspection contingency if it is still functioning properly and not posing a safety hazard. However, if the furnace is not working properly or is at the end of its expected lifespan, it could be considered a defect if it meets the criteria outlined in the definition above. If the furnace is at the end of its life expectancy, a buyer should consult with an attorney to discuss how the buyer may argue that the condition is a defect.
It is important for the buyer to conduct a thorough inspection of the property, including the furnace, to determine its condition and functionality. If the inspection reveals that the furnace is in poor condition, not functioning properly, or poses a safety risk, the buyer may negotiate with the seller to address the issue under the terms of the inspection contingency.
Please note that this information is for general informational purposes only and should not be taken as legal advice. Consult with a qualified attorney or real estate professional to discuss your specific situation and understand your legal options.