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lead to or justify the cancelation of a signed contract ??

2007-12-20 09:23:32 · 8 answers · asked by burlingtony 2 in Business & Finance Renting & Real Estate

8 answers

Okay. I'm going to give this inquiry ONE last shot. You've asked for advice nearly ten times in different ways.

You are not going to be able to invalidate this contract on the basis of what you have posted in this and previous questions.

Why? Because your stance is that the property was advertised as a 4BR, and there are only 3 'legal' bedrooms in the premises. However, the fourth room remains there, and CAN be used for whatever purpose you desire, legal or not.

You obviously viewed the property before making your offer, and observed what was there materially. Once you saw what was there, you made an offer to purchase, based upon what you visually observed. That itself is a major stumbling block to your contentions.

Furthermore, the seller has provided you with an appraisal of value which indicates that the property IS worth what you offered, as a THREE bedroom unit, with a 'bonus room'.

Whatever the advertisements indicated brought you to the property as an interested buyer. You saw what was offered and made an accepted offer, AFTER seeing what was there. If you pursue this in the courts, the first question to be asked will be "What monetary damages did you suffer?" What will be your response ? I'm 'scared' that the property is worth less? The certified appraisal will be presented as evidence to counter your contentions.

You weren't misled or deceived, since you had an ample opportunity to decide for yourself what the property comprised.

I've dealt with more than one complaint similar to yours, and they don't hold water when push comes to shove.

2007-12-20 12:23:57 · answer #1 · answered by acermill 7 · 0 0

Each state has their own laws pertaining to real estate. You can call your state's Real Estate Commission and consult if the "Managing Broker" of the agent cannot help. Do this tomorrow!!!!!!

Not knowing what you are pertaining to may or may not justify a cancellation of an agreed contract. There are many ways to get out of a contract but then there is the question of the disposition of "Earnest Money" if it has been paid. Earnest Money checks are given to the "broker" of the agent that collects. If this agent is one in the same they deposit through their real estate business account. You may also visit the agent's office to consult the "Managing Broker" of that office with your concerns and is best to do this first before going to the state level.

You must do this quickly because with a contract and paid Earnest Money the Seller is taking the home off the market. In most cases the "Earnest Money" is paid to the current owner for time lost if you do not purchase.

Remember, with understanding between a "Buyer" and "Seller" in writing most items are negotiable.

2007-12-20 17:54:38 · answer #2 · answered by Bruce T 5 · 0 0

It's actually illegal and against real estate guidelines and ethics to be dishonest in advertising. A RE agent or broker can be fined by the Real Estate Commission for dishonesty in advertising.

If you can prove it then you might have a case to cancel the contract.

Just like Mary B stated, a hidden defect that could not have been known by the seller or the listing agent does not count as dishonesty in advertising.

2007-12-20 17:53:04 · answer #3 · answered by Weimaraner Mom 7 · 0 0

Did you sign the contract without seeing the home first? Not a good idea. If there was an unseen problem with the house and the owners and agent knew about it and didn't tell you, you may be able to get out on a "failure to disclose" clause.

Dishonesty in advertising is called "attempt to defraud" and is illegal. It may depend on the situation. The best thing to do is get some legal advice.

A local law college professor may be able to tell you if you have a right to cancel the contract. Otherwise, you may need to contact an attorney to get advice or legal representation.

2007-12-20 17:33:19 · answer #4 · answered by Mrs. WC 4 · 0 0

Most ads are dishonest to some extent. Examples:

"Close to parks and recreation" (Sure, if three miles away is considered "close")

"Spacious patio" (10 x 15 ft is spacious?)

"Spectacular view" (Uh huh, as if looking at the roof of the neighboring Wal-Mart is "spectacular")

"This deal won't last!" (Right. It's been on the market for 145 days. Obviously, someone is going to buy it this weekend for sure.)

My point is, some half-truths are considered "puffing." That's totally acceptable, because a buyer isn't expected to rely on such self-serving statements when deciding whether or not to buy.

As the agent above mentioned, the misrepresentation must be material (that is, it must be so significant that it would directly affect the buyer's decision to form a contract), and the buyer must have relied on that misrepresentation when deciding to enter into the contract.

Advertising as 622 sq. ft, when it is really 598 sq ft, is not legal misrepresentation. That 24 sq ft difference is immaterial. That won't get you out of the contract.

2007-12-20 18:47:19 · answer #5 · answered by Mr Placid 7 · 0 0

Yes, always.

If the home was on the MLS, then the Realtor assumes full responsibility for the listing. She cannot claim that something "is what the seller told her". It is up to the listing agent to verify all of the information, and double check everything.

Common errors are acrage, square footage of a home, whether one has a full bath or 3/4 bath, whether or not it has a bedroom or not.

Any of those things ( and many more) are considered MATERIAL MISREPRESENTATION...and that voids any contract upon buyer's demand within 24 hours of discovery....REGARDLESS of what anyone will tell you.

Real estate law does NOT reward people for dishonest business.

PS: Exceptions are any hidden defect that neither the seller nor the Realtor could have possibly known about.

2007-12-20 17:46:30 · answer #6 · answered by Expert8675309 7 · 1 2

You must do your due diligence with all home purchases. People can tell you anything but you must do your due diligence including finding if it is true what they have told you. IE: home inspection, Title search, And all aspects of your discovery. If you have signed a contract to purchase any home you have 17 days to do all of your due diligence. If you have discovered a problem in this time frame you have 2 options. Require the seller to fix the problem. Or have them deduct it from the cost of the home. Or #2. Walk away from the purchase and get your ernest deposit back.

2007-12-20 17:56:00 · answer #7 · answered by Big Deal Maker 7 · 0 0

Maybe, but it would be very hard to prove if they take you to court over the contract.

2007-12-20 17:32:11 · answer #8 · answered by Jan Luv 7 · 0 1

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