When a person wants to list a residential property on the market, he or she is obligated to adhere to all state laws and regulations that are relevant to such transactions. A buyer making an offer on a Florida property is protected by certain laws that require a seller to disclose major defects or hazardous conditions that may exist in a home at the time of sale. Real estate fraud is a serious crime, for which a buyer may sue a seller for damages.
Every state has its own real estate laws, but most have disclosure requirements regarding major structural damage or hazardous materials. For instance, if a seller is aware of an infestation of wood-boring insects, this is typically something that must be disclosed to a buyer. Another example might be a roof or foundation that has structural defects or damage.
What can a buyer do if a seller fails to disclose defects?
A buyer who is concerned about the failure to disclose issues may want to seek immediate legal guidance. Real estate laws are often complex. An experienced attorney can review a case and determine whether a seller has violated disclosure laws or whether there is evidence of attempted real estate fraud.
When a buyer has suffered damages because of a seller’s omission of defects or conditions that he or she is required by law to disclose, the buyer may seek financial recoveries for losses in court. In many cases, plaintiffs also list real estate agents who were involved in a home sale transaction but failed to make sure clients followed disclosure laws. It is always helpful to seek legal consultation before filing a legal claim.