Real Estate Law
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Good morning Jerry. My name is ***** ***** I look forward to helping you.
Can you provide me a bit more information? How much is the actual square footage and how much was it represented to be? Thanks.
No worries...Thanks for following up. Today was a travel day so I'm sorry for the delay in responding. Thanks for your patience.
Yes, this would be a material misrepresenatation...almost a 20% overstatement. Agreeing that this was based on tax assessment would allow for a minor deviation, but what you have is material and gives you the right to terminate without recourse to you....meaning you have the right to refund of your deposit. If the seller does not release it voluntarily, let him know you will be filing suit for its return and that if forced to file the suit, you will be asking not only for the full refund of the deposit, but also punitive damages due to the material misrepresentation and the willful bad faith in withholding your deposit. In my experience, that generally gets the seller to release the money because the seller does not want to risk the punitive damages. :)
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