Q: What are my options if I bought a property with a deed exception that was not brought to my attention before purchase?
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?
A:
Given the circumstances you described, you may have several options to explore:
1. Legal action against the seller: If the seller knowingly misrepresented the property's acreage, you might have grounds for a lawsuit based on fraud or misrepresentation. Consult with a real estate attorney to discuss your options and the strength of your case.
2. Legal action against your real estate agent and the seller's agent: Real estate agents have a duty to disclose known material facts about a property. If they failed to inform you about the deed exception, you may have a case against them for breach of fiduciary duty or negligence.
3. Legal action against the appraiser: If the appraiser failed to identify the deed exception and overvalued the property as a result, you might have a case against them for professional negligence.
4. Renegotiate with the seller: Approach the seller and explain the situation. They may be willing to renegotiate the purchase price or provide compensation to avoid legal action.
5. File a claim with your title insurance company: If you purchased title insurance, review your policy to see if it covers issues related to deed exceptions. If so, you may be able to file a claim to recoup some of your losses.
6. Seek property tax reassessment: Contact your local tax assessor's office to request a reassessment of your property's value based on the actual acreage. This may lower your property tax burden going forward.
Before taking any action, it's essential to gather all relevant documentation and consult with a qualified real estate attorney who can assess your case and advise you on the best course of action based on your specific situation and the laws in your jurisdiction.
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