Under contract in NJ ‘as-is’ and found asbestos tiles in inspection, what options do I have?

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Under contract in NJ ‘as-is’ and found asbestos tiles in inspection, what options do I have?

Seller did not disclose, will cost more time and
money than I believed initially to remove. Seller
owned home for 30 years so I feel like they
knew that when they covered the floor.

Asked on November 11, 2016 under Real Estate Law, New Jersey

Answers:

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

Answered 4 years ago | Contributor

If the inspection occurred prior to purchase, buyer can reject the home and not continue with the purchase.
If the inspection occurred after the buyer had purchased the home, the buyer 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.
In other words, you would not have purchased the house had you known of the asbestos contaminated tiles.
Fraud also applies in cases of nondisclosure by the seller of a material fact which buyer could not have reasonably discovered prior to purchase.
The buyer's damages (monetary compensation you are seeking in a lawsuit for fraud) against the seller would be either the benefit of the bargain or your out of pocket loss.
Benefit of the bargain means that a defrauded purchaser can 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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