Q: Can I pull out on residential contract?
Seller failed to disclose previous known water penetration not due to flooding on Sellers disclosure, resulting in a $145,000 insurance claim, that was rewarded.
Seller apparently told my agent who failed to tell me. I found out through my own insurance agent after being asked a few questions about the property, and if we knew about the rewarded claim. We have notified seller we are backing out of contract due to misrepresentation/etc. we do not want to pay 900k on a home that has had extensive previous damage and feel deceived. Seller is stating he did tell our Realtor and he is not liable. The seller is also a broker.
Is this true if we were not notified and it is not on sellers disclosure?
I would have to see the contract you signed to give you solid advice.
Nevertheless, Notice of problems with the house and defects is required by the seller. However, sometimes, even though seller signed a disclosure, they can escape liability, where the contract says buyer takes property "AS IS."
If the seller did tell your broker, and she failed to tell you, it is her fault and thus, her liability. That doesn't mean you can not cancel the sale. You can not be forced to buy a house you have learned has defects. The seller would have to go after your broker, if the closing has not happened yet.
I hope this helps.
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