My home in a flood zone
Get Legal Help Today
Secured with SHA-256 Encryption
My home in a flood zone
When I purchase my home I was not told. Until year’s later. Can I get
out of this home and for them to purchases me another
Asked on September 5, 2016 under Real Estate Law, North Carolina
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
You may be able to sue the seller for fraud if the applicable statute of limitations has not expired. If the statute of limitations has expired, your claim is barred.
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 it was in a flood zone.
Fraud is also applicable in cases of nondisclosure of a material fact by the seller which the buyer could not have reasonably discovered prior to purchase.
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 determination for damages for fraudulent misrepresentation permits recovery of the difference between the price paid and the actual value of the property acquired.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.