What is a disclosure erroneously stated said there was a well on property when in fact there is none?
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What is a disclosure erroneously stated said there was a well on property when in fact there is none?
I bought a house 5 months ago; it took 2 months to move in due to remodel. The disclosure statement said that there was well and septic on the property. However, there is no well; it is next door and shared. I have already paid $2400 for a new pump etc. Now again no water. I need a well.
Asked on October 9, 2018 under Real Estate Law, Florida
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
You can sue the seller for fraud which is the intentional misrepresentation of a material fact made with knowledge of its falsity and with the intent to induce your reliance upon which you justifiably relied to your detriment.
In other words, you would not have bought the house had you known there wasn't any well.
Your damages (monetary compensation you are seeking in your lawsuit for fraud) would be either the benefit of the bargain or your out of pocket loss.
Benefit of the bargain means a defrauded purchaser may recover the difference between the real and represented value of the property regardless of the fact that the actual loss suffered might have been less.
Out of pocket determination of damages for fraudulsent misrepresentation permits recovery of the difference between the price paid and actual value of the property acquired.
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