| Page 3 of 3 < |
Out-of-Whack Appraisals Lead to a Dispute Over the Deposit
|
TOOLBOX
   Resize
COMMENT
 Discussion Policy
 CLOSE
Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. Additionally, entries that are unsigned or contain "signatures" by someone other than the actual author will be removed. Finally, we will take steps to block users who violate any of our posting standards, terms of use or privacy policies or any other policies governing this site. Please review the full rules governing commentaries and discussions. You are fully responsible for the content that you post.
Who's Blogging  |
I no longer want to purchase this condo if it does not have this extra room. Do you think that the seller has misrepresented the condition of the unit and that I may terminate this contract and recover my deposit? What remedies would you suggest?
While you are buying the condominium in "as-is" condition, that does not mean that you have to accept it as changed by the seller.
Your contract might provide that you agreed to take the condo in the condition it was in as of the contract date. If the condo burns down or is materially changed, that risk is, or should be, assumed by the seller.
In your case, you probably have a good argument that the change in the condo is material enough that you are not required to close on the purchase.
When it comes to the misrepresentation claim, you might have a harder time. Did the seller lie to you? Presumably, you viewed the condo before making your offer. You might even have had a professional inspection of the condo. If you saw the condo and you knew what you were getting, the seller probably did not misrepresent any information.
Most municipalities have ordinances relating to making improvements within a dwelling. If your seller constructed the partition without the required permits, your seller might have violated those ordinances.
If the partition created an additional bedroom in a building that is not zoned for that particular type of unit, the seller also might have violated zoning laws.
And if the seller was required to obtain permission from the condominium association to make any improvements in the unit and failed to do so, the seller got caught.
The real question is whether the seller knew that he needed permits from the municipality and permission from the association to make this change. If the seller knew that, the seller may have had a duty to disclose the lack of permits under your local seller disclosure laws.
Most states have seller disclosure laws. These laws require the seller of residential property to disclose to a buyer material defects or other hidden problems with the property being sold. If a seller fails to make these required disclosures accurately, in some states the buyer can terminate the contract and sue the seller for the damages that the buyer has sustained, including legal fees.
You should talk to your real estate lawyer to determine whether you have the right to claim that the seller is in default under the contract for failing to deliver the condo in the condition required. Also, ask whether the seller should have disclosed problems relating to the partition. You can discuss what your options are to recover damages from the seller or come to some settlement.
Ilyce R. Glink is an author and nationally syndicated columnist. Her latest book is "100 Questions Every First-Time Home Buyer Should Ask." Samuel J. Tamkin is a real estate lawyer in Chicago. If you have questions for them, write Real Estate Matters Syndicate, P.O. Box 366, Glencoe, Ill. 60022, or contact them through Glink's Web sites, http:/
© 2008 Ilyce R. Glink and Samuel J. Tamkin
Distributed by Tribune Media Services
