My home in a flood zone

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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

Answers:

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

Answered 5 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.


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