What are my rights if I bought a foreclosed property with no disclosure that the adjacent property is tied in with my septic field/?
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What are my rights if I bought a foreclosed property with no disclosure that the adjacent property is tied in with my septic field/?
There is nothing in writing. They are going to be selling the property. How can I have this arrangement canceled?
Asked on July 9, 2015 under Real Estate Law, Illinois
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
If the foreclosure sale was "as is," as they almost always are, then you cannot undo or rescind the agreement: an "as is" sale means exactly that--that you buy the property exactly as it exists, and have no claims for hidden issues or conditions.
If it was not an "as is" sale, then only IF the seller (i.e. the bank) knew that the septic was tied in but knowing that, still failed to disclose the issue, you may be able to rescind the sale for fraud, or a knowing material misrepresentation. But fraud depends on it being a knowing misrepresentation or lie--if the seller did not know, they did nothing wrong, and there is a good chance that the seller in foreclosue would not know this.
If you think they did lie, you could file a lawsuit based on fraud for rescission (undoing the sale).
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