I purchased a 23 acre piece of land a month ago without the help of a real estate agent. We signed the papers and paid the money to a title company where the deed is being prepared. We have since found out the property we purchased is in the floodway and cannot be built on like we had intended. Is there a way to get our money back? The seller owned this property for more than 20 years and knew it was in the floodway but never disclosed this information to us even though we told him many times what our plans for the land were. Are we out of luck or is there something that can be done to remedy this situation?
2007-11-01 08:36:05 · 11 answers · asked by Deny_Zoo29 5 in Business & Finance ➔ Renting & Real Estate
you need a good real estate attorney as the answer may depend on state law.
In general, the flood plain information is a public record and thus you are assumed to have knowledge of it. However, your state's laws may say that where the seller has knowledge of your intended use [which may have to have been included in the written offer] that the transaction is voidable if he had actual knowledge that your proposed use wasn't possible.
GL
2007-11-01 08:41:45 · answer #1 · answered by Spock (rhp) 7 · 1⤊ 0⤋
Depends upon the law in your state.
Here in California, the guy would be toast - providing it really wasn't disclosed. I'll bet it was. They don't have to call attention to it with rockets and neon signs. They just have to have it down there in black and white. They can slide it in amongst a thousand other irrelevant details.
Did you read your title preliminary report? Did you read the owner's disclosures?
Yet another poster child for getting yourself a good buyer's agent.
That said, your best hope for getting at least some of your money back is probably your title policy. Not that that's a good bet, but the people who pull this are usually pretty sharp about putting the proceeds somewhere it can't be touched.
2007-11-01 08:58:23 · answer #2 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
There are ways to appeal flood zone status, but it is not inexpensive or easy. It involves surveys, dealing with FEMA and county agencies. Also, some areas allow building in a flood zone, but you will have to obtain flood insurance.
Review your documents from the title company and whatever contract you signed to be sure there is not some sort of disclosure that was written in that you missed. If it wasn't, take everything you have to a real estate attorney. If it is buildable, just not to suit you, you are most likely out of luck.
2007-11-01 11:31:10 · answer #3 · answered by godged 7 · 0⤊ 0⤋
This is why it is good to pay for a Real Estate agent. Your agent would have gone and found out all the information for you. When you purchase something it is your responsibility to go and find all the public records and research it for yourself.
But................
If he knew this and did not disclose it, you could sue to get your money back. You have to have proof that he knew it to begin with.
You will need to check your title work though, it is probably in there somewhere. It is also in the land survey, if you got one done.
2007-11-01 08:46:16 · answer #4 · answered by GEE-GEE 5 · 0⤊ 1⤋
a private sale is usually "as is". Did you borrow money to purchase the land? Most banks require that a property be checked out for flood zone before they will lend.
If you paid cash, with no loan, your chances of suing are not great.
2007-11-01 08:54:54 · answer #5 · answered by DeeDee 6 · 0⤊ 0⤋
Did you purchase title insurance? If so the policy should have disclosed the flood plain info and either let you know there wias a problem, or agreed to insure over it.
What does the survey you got say?
2007-11-01 08:39:28 · answer #6 · answered by wizjp 7 · 0⤊ 0⤋
Generally speaking, construction CAN occur in a flood zone. However, it is more costly, since additional land fill needs to be brought in to raise the level of the structure above flood plain. How did you discover that this property is not buildable at all ?
Or, IS it buildable, and just not to your desires ?
2007-11-01 10:32:41 · answer #7 · answered by acermill 7 · 0⤊ 0⤋
The flood was a sad fact, not just a story. God is also infinitely just. But he made a covenant with the world that He would nor destroy it by flood again - by the rainbow. Just about every culture has a great flood 'story'.
2016-04-01 23:03:58 · answer #8 · answered by ? 4 · 0⤊ 0⤋
You will probably have to consult an attorney to see if your state's laws require a specific disclosure. It is true that floodplain information is publicly available. Title insurance has nothing to do with the floodplain issue.
2007-11-01 08:48:30 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Bring all your papers to a good land use lawyer.
2007-11-01 09:09:13 · answer #10 · answered by Ralph N 5 · 0⤊ 0⤋