Northridge, CA asked in Stockbroker Fraud and Real Estate Law for California

Q: what are the penalties for failure to disclose the mandated state disclosures e.g. "known hazards"?

Other than disciplinary actions against real estate brokers or sales people, or arbitrated settlements for failure to disclose issues which had weight in decision to buy, other than just rescission of purchase contract? Say, still want to own the property, just what are the possible monetary recoveries for a purchaser who was not provided with all state mandated disclosure notices?

1 Lawyer Answer
Richard Samuel Price
Richard Samuel Price
  • Redlands, CA
  • Licensed in California

A: The buyer would have to prove up monetary damages of either the costs to repair or the diminution in value of the property. However, if the buyer had knowledge of the material facts, or should have known, then the buyer won't be entitled to recovery.

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