Water seepage vs water on the floor
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Water seepage vs water on the floor
Recently purchased a house and found out, after a heavy rain, that the basement has water intrusion. The sellers disclosed leakage and seepage which I was unaware of but I had pools of water forming spanning the base of the walls and into the center of the basement. Now I am getting quotes for the work that will need to be done to prevent future issues and the total cost is looking like it will be at least 8k. Can I take legal action against the sellers for understating the magnitude of the situation?
Asked on October 25, 2017 under Real Estate Law, Minnesota
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 6 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.
In other words, you would not have bought the house had you known the extent of the water leakage/seepage.
Your damages (monetary compensation 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 of 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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