What are my rights if I bought a home about 8 months ago and the basement walls were newly covered to cover up bowing and now it has 4 inches of water pouring into it?

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What are my rights if I bought a home about 8 months ago and the basement walls were newly covered to cover up bowing and now it has 4 inches of water pouring into it?

There is also a raised section of floor.

Asked on July 14, 2015 under Real Estate Law, Ohio

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You can sue the seller 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.

Fraud also applies in cases of nondisclosure of a material fact.

In other words, you would not have bought the house had you known about the condition of the basement walls.

Your damages (monetary compensation you are seeking in a lawsuit for fraud) would be either the benefit of the bargain or your out of pocket loss.

Benefit of the bargain means that 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 means that for fraudulent misrepresentations you can recover the difference between the price paid and the actual value of the property acquired. 

 


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