| mswire@yahoo.com 2006-10-16, 9:25 am |
| Hello,
We are in Day 58 of a 60 day closure on residentail real estate in
California. We just received a new Seller disclosure statement
indicating that several items in the Seller's original disclosure
statement are incorrect. It is not that the condition of the house has
changed. Rather, the seller was wrong about certain information (or
perhaps lied????). We agreed to a purchase price based on the
original disclosures. Given these new disclosures, however, the
property is not as valuable to us.
I know that we can back out given the new information, but we don't
want to. We like the house. We have spent significant time and $ on
the transaction. Most importantly, we have given notice to our
landlord on our current house and will have nowhere to live if the deal
fails to close on time.
Given that the seller waited until so late in the closure period to
reveal information that they had very early in the process, do we have
legal recourse?
They are demanding that we sign off on these new disclosures;
otherwise, they will not complete the transaction. If we go through
with the purchase will we still be able to seek damages for their
misrepresentation/fraud?
Any suggestions on how to approach this?
Thanks so much,
Dave
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