Real Estate Law
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Hello and thank you for allowing me the opportunity to assist you.I'm truly sorry to say that you likely have no recourse. First, most real estate deals are not based upon square footage. In other words, you likely did not make an offer to pay $388 per square foot. Instead, you likely made an offer to pay, let's say, $500,000, for the entire property after viewing it. In that scenario, courts generally rule that you saw what you were getting for your $500,000 offer, and the square footage is irrelevant.Second, most likely, the listing expressly states that you cannot rely on it as accurate, and that you must get it independently inspected.Third, you can still back out of the deal since you have 5 days until removal of the contingencies. Accordingly, now that you know of the true square footage, if you proceed to purchase the property, you will be tacitly accepting the square footage. Of course, your argument is that even if you back out of the deal, you lost $30,000 in liquidating assets to get ready to purchase the property. However, the seller will correctly point out that he didn't tell you to do that. He had no control over what you liquidated, and it was not foreseeable that you would lose $30,000 while preparing to purchase the property.I realize that my answer is bad news and it is certainly not what you wanted to read. However, please understand that it would be unfair to you (and unprofessional of me) to provide you with anything less than an honest response. But if your concerns were not satisfactorily addressed, then please let me know, and I will be happy to clarify my answer. I do ask that you rate me based upon whether I answered your question, and not based upon whether the answer was good news or bad news. Your positive feedback is greatly appreciated.Thank you for using our service!
Promise, I will not rate based on bad news.
Knowingly misrepresenting the facts and then signing a legally binding contract constitutes fraud in other professions. It appears that the courts have turned a blind eye to this common fraudulent practice in real estate.
To my understanding, real estate agents are licensed professionals. Is there any entity that oversees their professional conduct where we can report this agent to, in hopes that he will not continue this unethical conduct?
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