I purchased a property advertised as 23 acres and I wasn’t informed of a deed exception (-10 acres), what are my options

Question

I purchased a property that was listed and advertised as 23 +\- acres in 2022. Before, during, and after closing no deed Exceptions were brought to my attention by the sellers or my real estate team. I found out there was this deed exception at my local tax office, and that I actually have 12 acres due to 10 acres being parceled off in 1993. This was not caught by the appraiser either. The tax office even said “I remember this property; previous owners have had this issue as well.” I feel very deceived and would not have paid the amount I did for my home had I known the acreage was just over half advertised. Do I have any options to recoup my loss, given I am paying taxes, mortgage, insurance etc. on a home that is worth far less than I paid?

James L. Arrasmith · Answer

Based on the information you've provided, it appears that you may have grounds for legal action due to misrepresentation or failure to disclose important information about the property. Here are some potential options you can consider: 
 
1. Contact the sellers: Reach out to the sellers and inform them about the discrepancy in the acreage. See if they are willing to negotiate a resolution, such as a partial refund or compensation for the difference in value. 
 
2. Review your purchase agreement: Carefully review your purchase agreement and any disclosures provided by the sellers. Look for any mentions of the actual acreage or the deed exception. If the discrepancy is clearly evident, you may have a stronger case. 
 
3. Consult with a real estate attorney: Seek the advice of a qualified real estate attorney who can review your case, assess the strength of your claim, and advise you on the best course of action. They can help you understand your legal rights and options based on the specific laws in your state. 
 
4. Consider legal action: Depending on the circumstances and the advice of your attorney, you may choose to pursue legal action against the sellers, your real estate agent, or the appraiser for misrepresentation, breach of contract, or professional negligence. This could potentially help you recoup some of your losses. 
 
5. Negotiate with your lender: If the appraised value of the property was based on the incorrect acreage, you might be able to negotiate with your lender to adjust your mortgage based on the actual value of the property. 
 
Keep in mind that the specific options available to you may depend on various factors, such as the laws in your state, the terms of your purchase agreement, and the willingness of the other parties to cooperate. It's essential to gather all relevant documentation and consult with a qualified attorney to protect your interests and determine the most appropriate course of action.

Q: I purchased a property advertised as 23 acres and I wasn’t informed of a deed exception (-10 acres), what are my options