Real Estate Law
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Yes, the seller certainly does; the agent, only if you can show the agent knew about this and participated in the seller's conspiracy to fail to disclose. But, you do have recourse here against your seller. The seller is obligated to disclose anything the seller knows or should have known that a reasonable buyer would consider material in making the decision whether or not to buy the property. This clearly qualifies as a material matter that should have been disclosed and is clearly something the sellers knew or should have known. What you want to do is raise the stakes on your sellers. You should send the sellers a certified, return receipt requested letter detailing the situation and lack of disclosure and demand they compensate you to remediate the problem within a short specified period of time. Inform your seller that if they do not timely comply with your demand, you will have no choice but to file a suit for your damages. BUT, be sure to specifically mention that you will be filing this claim not only as a breach of contract case, but also as fraud and deceptive trade practice causes of action, which will entitle you not only to your damages, but also an additional amount equal to multiple times your actual damages as punitive damages. That should provide plenty of incentive to comply with your demands; but, if it does not, file your suit. Even if you have to file the suit, that's likely all you will need do. In my experience, they will settle this without a hearing rather than risk punitive damages and the fraud and/or deceptive trade practice judgments being on their record.
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