Seller did not disclose the furnace what are our rights and what if any are our next step
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Seller did not disclose the furnace what are our rights and what if any are our next step
We recently bought our first home closed 11/09 we got a inspection done it reported a little rust and the flame pattern was off we had it inspected after close and found out the heat exchange is damaged after starting to unpack we found a sales receipt for service on furnace dated 10/09 I contacted the company and the sellers were told about the faulty furnace and did not disclose this information now we are looking at close to $4000 to fix the issue.
Asked on November 17, 2017 under Real Estate Law, Minnesota
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
You can sue the seller for fraud.
Fraud is the intentional misrepresentation or nondisclosure 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 the true condition of the furnace.
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 purchased regardless of the fact that the actual loss suffered might have been less.
Out of pocket determination of damages for fraudulent misrepresentation permits recovery of the difference between the price paid and the actual value of the property acquired.
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