What to do if I recently purchased a home that was advertised as 1.5 acres but was only .8 acres?
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What to do if I recently purchased a home that was advertised as 1.5 acres but was only .8 acres?
I recently purchased a home that was advertised as 1.5 acres and this is stated in the legal description. I feel that I may have over-paid for the home since the plat map states there is only .8 acres with this home. Is this enough evidence to take to a legal office and what do you feel would be the outcome?
Asked on April 21, 2012 under Real Estate Law, Indiana
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Knowingly or intentionally misrepresenting (or lying about) a material (or important) fact, to induce someone to enter into a transaction is fraud. Fraud can provide a basis to rescind the transaction (i.e. to undo the sale; give the property back, get your money back) or to seek monetary damages or compensation (such as the difference in value between this property at 1.5 acres and it at 0.8 acres). From what you write, there is a reasonable chance you have a case, since claiming an extra 0.7 acres in the advertising and description, if the seller knew or reasonably should have known that was not the case, might well be fraud. If so, you could be entitled to significant compensation. Based on what you write, it would be worthwile to meet with a real estate attorney to discuss this matter in detail and explore your options.
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