In February 2006, Konstantinos Koumboulis shot and killed his wife and himself inside his house in a

Question:

In February 2006, Konstantinos Koumboulis shot and killed his wife and himself inside his house in a Pennsylvania community. The murder/suicide was highly publicized in the local media and on the Internet. At a September 2006 auction, Kathleen and Joseph Jacono purchased the property from the Koumboulis estate for $450,000. After completing renovations of the home, the Jaconos listed the property for sale in June 2007. They informed their listing real estate agents about the murder/suicide. They also consulted their attorney, their agents, and representatives of the Pennsylvania Real Estate Commission, asking whether the murder/suicide was a “material defect” requiring disclosure under Pennsylvania’s Real Estate Seller Disclosure Law (RESDL). The persons consulted informed the Jaconos that they did not consider the murder/suicide a material defect for purposes of the RESDL because it would not adversely affect the value of the property. Although the real estate agents did not think that disclosure of the murder/suicide was required by the statute, they suggested that disclosure would be a good idea “just to get it out there” (quoting the deposition of one of the agents). The Jaconos replied that they had investigated the issue and did not wish to disclose the murder/suicide.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Business Law The Ethical Global and E-Commerce Environment

ISBN: 978-1259917110

17th edition

Authors: Arlen Langvardt, A. James Barnes, Jamie Darin Prenkert, Martin A. McCrory

Question Posted: