What do I do if I find something that was not disclosed at or during my closing?
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What do I do if I find something that was not disclosed at or during my closing?
I have physical proof and pictures of leaking foundation that was plainly patched and covered with plaster board. The patch shows leaks and when I removed the board along with mold. I discovered the leak ‘after’ a torrential down pour which in turn flooded my basement I live on a mountain. That is how I discovered the
Asked on June 20, 2017 under Real Estate Law, Pennsylvania
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 purchased the house had you known the condition of the foundation.
Your damages (monetary compensation you are seeking in your lawsuit for fraud against the seller) 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 for 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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