I bought a house five years ago. It was advertised in the paper as sitting on one acre. The bundle of papers I signed to buy the house also had several papers claiming the house to be on one acre. I put the house on the market several weeks ago and found out the house sits on only 1/3 acre. My wife and I feel that this property was misrepresented. What can we do about it. Thanks much.
2 Answers from Attorneys
You may be able to file a lawsuit against the seller for misrepresentation, among other causes of action. I would think that the closing attorney would have caught the discrepancy. It sounds like there are statute of limitations issues, but there may be ways around those since this deals with the purchase of and title to real property.
The first thing you need to do is to verify that the information you just received as to it being one/third of an acre is correct. I would recommend doing that before doing anything else.
If you are able to conclude with confidence that its one/third acre, then you need to have all of your closing papers reveiwed by an attorney who can then tell you exactly who has responsibity to you. Its possible that there is more than one. Many different people can have involvement in real estate transactions, such as the seller, real estate agents, banks, surveyors, county records, insurance companies, etc.
The attorney that reviews your file will also advice you on any chances you have to file a claim with an insurance company. If you purchased Title Insurance when you bought the property, then depending on how this error was created, you might be able to seek compensation from the insurance company.
Long story short. Verify for certainty if its truely one/third acre. If so, then make an appointment with a real estate attorney to review the closing file.
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