What is a purchaser’s recourse for incorrect information provided on the MLS?
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What is a purchaser’s recourse for incorrect information provided on the MLS?
I am in process of purchasing a single family home. After attorney review completed during home inspection and valuation we found out that the flooring which was listed as Brazilian cherry hardwood is simply a laminated wood floor. Given the misrepresentation of information on the MLS listing by the seller’s agent, do I have the right to get out of the deal and get all my deposit back? Also, can I press charges against seller’s estate agent for false representation?
Asked on October 16, 2011 under Real Estate Law, New Jersey
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
In California a statement by the listing agent or brokerage in the MLS if false can be deemed actionable if the buyer relies upon the statement. Potentially this may be the case under New Jersey law.
If you have not closed escrow on the home that you are writing about and know that the flooring is not what it is represented to be, you have not yet been damaged yet. You have the possibility of refusing to close escrow on the property because of this. However, the key issue is what is the difference in value of the home that you are in contract with with the laminated wood floor and if it had the Brazilian cherry hardwood floor?
Your recourse at this time would be to try and negotiate the price of the home downward based upon this information you have discovered before close of escrow if you want to purchase it. I recommend that you speak further on the subject with the attorney who reviewed the documentation regarding the home.
Good luck.
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