If I bought a tract of land to build on but was never told of the deed restrictions at closing, do I have any recourse?

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If I bought a tract of land to build on but was never told of the deed restrictions at closing, do I have any recourse?

Asked on January 13, 2012 under Real Estate Law, Indiana

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If you purchased land with certain deed restrictions upon it and were not advised of the deed restrictions upon by the seller before escrow's close, you may have legal recourse to rescind the purchase of the tract or keep it and sue for the difference between what you paid for it and what it was worth.

However, you would be deemed to have been on actual notice if you received a preliminary report concerning the land that you purchased mentioning the deed restricctions that you are writing about. If you received a title insurance policy for the property at close, then most likely you received a preliminary report. If the report mentions the deed retsrictions, then your claim for damages would seem to be in jeopardy.

Likewise, if you received an appraisal before close and the appraisal mentions the deed restrictions, you are deemed to have been on actual notice of the issue before close of escrow.

I recommend that you consult with a real esate attorney about the matter you are writing about.


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