Do I have any legal rights to go after the seller after discovering that the basement leaks due to hydrostatic pressure?
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Do I have any legal rights to go after the seller after discovering that the basement leaks due to hydrostatic pressure?
The basement leaks around the outer walls
when there is a lot of rain. This Problem
clearly had to happen to the previous owner b/c
the tac strips in the bedrooms were rotten and
the bottom of the wood panels have rotted as
well. Im already having the problem corrected
and after fixing the problem and replacing
flooring and other repairs I will be out around
8k. The disclosure statement did mention that
the basement had leaked a year ago when the
addition was being built but that is a totally
different situation. Do I have any rights to
pursue some type of reimbursement from the
previous owner?
Asked on November 28, 2017 under Real Estate Law, Kentucky
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
You can sue the seller (previous owner) for fraud. Fraud is the intentional misrepresentation 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 the true facts of the basement water leak.
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 purchased 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 actual value of the property acquired.
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