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After moving in found that water was seep into the basement. All of the dry wall
on the exterior walls were covered in black mold.
Asked on January 30, 2019 under Real Estate Law, Ohio
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 3 years ago | Contributor
You can sue the owner for fraud. Fraud is the intentional misrepresentation or nondisclosure of a material fact made with knowledge of its falsity and with the intent to induce your reliance upon which you justifiably relied to your detriment.
In other words , you would not have bought the house had you known about the mold.
Your damages (monetary compensation you are seeking in your lawsuit) for fraud would be either the benefit of the bargain or your out of pocket loss.
Benefit of the bargain means a defrauded purchaser may recover the difference between the real and represented value of the property regardless of the fact that the actual loss suffered might have been less.
Out of pocket determination of damages for fraudulent misrepresentation permits recovery of the difference between the price paid and the actual value of the property acquired.