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Who is liable for any misinformation on the sellers disclosure?

If a party selling a house says that, no, there is no asbestos in the house, from my understanding, this means that they are saying, no, we have done our due diligence and to the best of our knowledge, we haven't found any asbestos.  No in this case doesn't mean, "We don't know."  Is this correct?
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January 12 2009 - Pleasant Ridge
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Or it could mean to the best of our knowledge there is none.  Depends on the wording of the disclosure form.
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January 12 2009
The seller is of course! Contact your local Real Estate Commission, and they will help you.
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April 13 2012

The Michigan environmental disclosure form states "Are you aware of any substances, materials, or products that may be an environmental hazard such as, but not limited to, asbestos, radon gas, formaldehyde, lead-based paint, fuel or chemical storage tanks and contaminated soil on the property. Your answer is based on your actual knowledge only. You have no obligation to test. Due diligence is a buyers duty. "No" is the correct answer for "unknown/no knowledge". "Unknown" really means you are not sure of your knowledge, such as if you had testing done but couldn't find the report and weren't sure what the results were.

The disclosure requirement is undoubtedly overly broad and confusing. The only real liability is if you intentionally conceal something.

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April 13 2012
I can imagine that alot of home owners are not aware of whether asbestos is in their house. Asbestos can be found in heating plant insulation, 1950s floor tiles, sheet flooring and even in the vermiculite insulation in the walls and attic of a home.
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January 12 2009
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They have to say UNKNOWN if they did not make inspection.

If they say NO, they are liable.
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January 12 2009
 
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Who is liable for any misinformation on the sellers disclosure?
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