Q: How do I get my deposit back on a home that had an accepted offer?
I had an accepted purchase offer on a home I am buying. The home was advertised with a lifetime warranty on a metal roof. Prior to closing, I found out there was no permit on file for the new roof and the roof warranty was not a lifetime. The owner is not able to provide receipts for the roof in order to transfer the warranty to a new company that purchased the original manufacturer and provided the lifetime warranty. The city does not have any permits on file for the home. The original warranty was for 50 years not a lifetime. Currently, there are 29 years left on the warranty if the owner can show receipts for the metal roof. No permit? I am not comfortable with. I have lost time and money on this transaction.
A: The fact that you closed on the property even knowing that the property did not have 50 years left on the roof, will be used against you as an "affirmative defense," if you sue to get out of the contract. You may have a breach of contract claim, if you can show that the 50 yr warranty was a material component of the contract. You might have a claim for fraud if you allege that you were intentionally "induced" into bidding on the property BECAUSE of a "knowingly false statement." What I urge you to do is to weigh the "pros & cons" of hiring a lawyer to sue vs. chalking this up to experience, and getting on with life and investments!
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