Legal Question in Real Estate Law in Michigan
Foreclosure
I am near the end of the process of doing a deed in lieu of foreclosure on my home. The lender called just the other day to say everything was in order. I also received a call from the real estate agent telling me the house had significant water damage. At the point in time the bank did all the assesment necessary the water damage did not exists. Do I need to divulge this information to the lender, or can I just clain ignorance and sign the papers when the time comes to do so?
1 Answer from Attorneys
Re: Foreclosure
Hmmm. That's a sticky one. Contact a real estate lawyer and get an opinion. You don't want to get caught out on this type of thing.
Usually, the paperwork will contain responsibility clauses which spell out whose obligation it is to discover what. So long as you are not required to disclose in writing, you should not make any representation about it at all without advice fo counsel.
As in many cases, a 1-hour [or less] consultation with a real estate attorney can save you a lot of grief.
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