If the seller knew that their basement leaked but failed to disclose this to me, what is my recourse?
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If the seller knew that their basement leaked but failed to disclose this to me, what is my recourse?
Also, the disclosure statement did not list it.
Asked on July 16, 2017 under Real Estate Law, Alaska
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
You can sue the seller. Your cause of action would be for fraud, which is the intentional ommission or misrepresentation of a material fact knowingly made with the intent to induce another to rely upon it to their detriment. So in your case, you would not have purchased the house had you known of the basement leak. Your "damages", that is the the monetary compensation you are seeking, would be either the "benefit of the bargain", specifically, what the house should have cost with the defect (i.e. the leaks) or your out of pocket loss. At this point, you should consult directly with a real estate lawyer in your area. After reviewing the details of your case, they can best advise you further.
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