Does a buyer have any legal options if they purchase a residence through a mortgage company and discover afterwards that the residents has multiple code issues and asbestos?
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Does a buyer have any legal options if they purchase a residence through a mortgage company and discover afterwards that the residents has multiple code issues and asbestos?
Plumbing not up to code.
Electricity not up to code. Fire Hazard
Gas plumbing not up to code.
Structural framework not up to code.
Multiple additions with only one
permit/inspection on file.
Discovered that there’s asbestos siding under
the aluminum siding.
Asked on April 4, 2017 under Real Estate Law, Louisiana
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
IF you can show that the seller knew or logically, under the circumstances, must have known of the asbestos and other problems, but despite knowing of them, did not disclose them to you, then the seller may have committed fraud. If so, you have grounds to sue the seller for compensation, such as the cost to fix the fraudulently undisclosed items. The key is knowledge: the seller's liability is based on lying (or at least withholding deliberately information the seller should have shared). If the seller was unaware of a problem, he did not lie and is not liable.
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