Section 1542 California
Negotiating a PSA in California right now— can anyone briefly explain why a buyer would waive its rights to this?
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Because a seller won’t sell you the asset without it.
Ok. I’m not sure I understand the context. What’s the meant to address?
In California a general liability release does not extend to conditions unknown by the the seller that would have benefitted the buyer had they known them before hand, even if the seller didn’t know about them either. For example if you bought the property and then found an Indian burial ground that the seller didn’t know about either, they could still be held liable.
basically it’s a catch all law that is meant to prevent the little guy from getting swindled into giving away their rights to future litigation by signing a general release of liability, but had the unintended effect of making it so that on every transaction you have to get section 1542 waived or the seller will remain liable for unknown unknowns.
I’m not an expert on this, but that’s my understanding
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