Seller Disclosure Did Not Include Building Permit
Added September 12, 2008 by Ilyce R. GlinkSummary: A home buyer asks about holding a seller accountable for not disclosing a missing permit for a studio apartment and for an inaccurate address on the real estate contract. Because the home buyer bought the property five years ago he may have exceed the statute of limitations to sue the seller for not disclosing the probelm. The buyer should contact the title company about the address mistake and a real estate attorney about the permit problem.
Q: Five years ago I bought my first property. It was a single family home with a studio apartment attached. I have just been notified by code enforcement that the previous owner never pulled permits for the studio.
Can I sue him for the costs I will incur in rectifying the situation? Also, I noticed on all of his real estate deeds he uses an incorrect address. Does this affect the validity of the transaction?
A: In most states, you have a certain number of years to sue the seller for failing to make accurate disclosures or for breach of contract issues. Since you bought the property five years ago, it's likely that the statutory period expired. You should discuss your legal options with a litigator who has experience in real estate and seller disclosure law.
In terms of the transaction being valid, you should go back to the title company or escrow company that helped you close your deal and discuss the "inaccurate" address issue with them. However, the address of a home is usually not as important when you buy and sell real estate as the legal description of the property. If the legal description is correct but the address is wrong, you are probably fine -- but a real estate attorney could verify that for you.
See more articles on this topic by clicking on the "RELATED ARTICLES" above and to the right.
We have over 5000 articles on Real Estate Advice, Personal Finance Advice and Consumer Advice on our site. We encourage you to look at these articles. As always, if you have a comment on our articles, don't forget to post your comment below. We thank you for coming to ThinkGlink.com.
© Ilyce R. Glink. All rights reserved. This content may not be used, distributed, syndicated, compiled or excerpted in any medium or form without written authorization from Think Glink, Inc. For information on syndicating ThinkGlink.com please contact us.
Additional Topics
(View All Topics)consumer advice credit estate planning home buying ilyce glink mortgage mortgage lenders mortgage loan personal finance advice real estate real estate advice real estate agent refinance mortgage selling taxes









Comments
No comments have been posted.