What recourse does a purchaser have if the monthly maintenance of a co-op was misrepresented on a closing document?
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What recourse does a purchaser have if the monthly maintenance of a co-op was misrepresented on a closing document?
Asked on October 27, 2012 under Real Estate Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
At a minimum, the purchaser would likely have recourse against the seller to recover monetary damages--such as an amount of money to compensate him or her for the higher maintenance; this action would sound in (be based on) fraud, or a (presumably) knowing misrepresentation of a material fact. The purchaser might also have grounds to rescind, or void, the entire transaction. Much depends on when the misrepresentation was made (i.e. what was said, pre-closing, while the purchaser was deciding whether or not to buy), the extent of the difference in fees, and the knowledge of the seller (i.e. did the seller know of the correct figure). The buyer should consult with a real estate attorney, one with experience in co-ops if possible, to discuss the situation and options.
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