If you can establish that fraud occurred and you just found out about it, you might overcome issues with the statute of limitations. Contact a lawyer ASAP.
My answer to your question does not create an attorney-client relationship.
While you have a claim that is stale because of the statute of limitations, you may be able to get around it by the date the issue was discovered rather than the date the transaction occurred. While they had a duty to disclose this and didn't, the question will be did they conceal the problem and could you have discovered it sooner if you investigated further.
You will need to hire an attorney as soon as possible to determine your rights.
This communication is not intended to create an attorney/client relationship. It is always recommended you consult an attorney in person to discuss your case. The Law Offices of Stage & Associates practices state-wide and represents homeowners and community associations. Please visit our website at www.stagelaw.com.
While the timing of your discovery is unfortunate, the Seller does have a duty to disclose latent material defects that are known to him and not readily discoverable by you. The biggest problem is whether or not you had a home inspection and, if so, was this something that should have been discovered by the inspection. If the defect was not one that was broadly known (such as the Chinese drywall issue) you can certainly make the case that you only discovered the defect after the fact. A real estate attorney should be able to look at the sales contract and determine if the defect was remote enough to avoid discovery by you or your inspector. Good luck.
Carol Johnson Law Firm, P.A. : (727) 647-6645 : email@example.com : Wills, Trusts, Real Property, Probate, Special Needs: Information provided here is anecdotal and should not be relied upon or considered legal advice. Every matter is different and answers given here are general in nature and may not reflect current Florida law at the time you are reading this posting. Please contact me if you feel you need additional assistance with your matter.