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I ENTERED INTO A RESIDENTIAL REAL ESTATE CONTRACT WHICH

Customer Question
Second opinion] I ENTERED...

Second opinion] I ENTERED INTO A RESIDENTIAL REAL ESTATE CONTRACT WHICH ALLOWED ME A 10 DAY PERIOD TO OBTAIN AN INSPECTION. THE INSPECTION DISCOVERD MAJOR STRUCTURAL & ROOF DAMAGE (OVER $25,000} WHICH WAS NOT FULLY DISCLOSED. THE NEGOTIATIONS DELAYED THE ORDERING OF THE APPRAISAL WHICH I SUSPECT WILL DEPRESS THE VALUE OF THE PROPERTY AND FEEL THAT THE SELLERS ARE DISCRIMINATING AGAINST ME BECAUSE I AM AFRICAN AMERICAN. WHAT ARE MY OPTIONS?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

SARASOTA, FLORIDA

Lawyer's Assistant: Has any paperwork been filed?

NOT YET. JUST AN EXECUTED CONTRACT, HOME INSPECTION AND ROOF CERTRIFICATION THAT DECLAREED THE ROOF A 'TOTAL LOSE'.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

YES, I HAVE A DEADLINE OF WEDNESDAY, MARCH 14TH TO RESOLVE ARE DEMAND AN EXTENSION OF THE CONTRACT.

Submitted: 5 months ago.Category: Real Estate Law
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Answered in 9 hours by:
3/12/2018
Real Estate Lawyer: legalgems, Arbitrator replied 5 months ago
legalgems
legalgems, Arbitrator
Category: Real Estate Law
Satisfied Customers: 13,833
Experience: Just Answer consultant at Self employed
Verified

Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

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Real Estate Lawyer: legalgems, Arbitrator replied 5 months ago

I am sorry to hear this;

if the inspection report discovered major damage that was not fully disclosed, the buyer would be able to opt out of the contract (void the contract) so long as it is still within the opt out period (removal of contingencies).

Now if that time has expired one can seek to void the contract based on the seller's failure to disclose; but if the buyer had notice via the inspection report of the damage, the seller can argue that the buyer accepted those defects.

This is because once a buyer has notice of a defect, if they don't object and allow the process to continue it may be considered acquiescence (acceptance).

Normally a seller may only be liable for failure to disclose if that results in economic harm to the buyer; and since the buyer has a duty to mitigate (ie pay heed to third party professional inspections revealing the damage) then normally recovery would be barred.

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