Will seller and my realtor in account for significant assessment after purchase?
In 2019 the building committee discovered a significant issue with the building which require $100k special assessment for each unit to fix. This issue is due to construction error from the original
developer (the building hired professional contractors assessed the situation and proposed a solution).
The old building committee know this issue since 2014 (who sold their units and left the building afterwards).
In 2014 the realtor who helped me purchased this unit was a resident in this building (sold already), he know this issue as well before my purchase (there was email communications between this
realtor and the old committees)
When I was purchasing this unit in 2014, the seller didn’t disclose anything about issue
My questions are:
1. If the seller know this issue, what is the odds for me to sue them and get proper compensation?
2. If the seller does not know this issue, what is the odds for me to sue them and get proper compensation?
3. What is the odds for me to sue the realtor and get proper compensation?
4. What is the best next step for me from a legal point to minimize my loss?
4 attorney answers
I suggest you have some very viable defendants you can file a lawsuit against-it largely depends when you found out what the problem was and when you found out the Board and the Realtor knew. Unlike Mr. Denbeaux, I have an active case right now in this area.
Here is the AVVO attorney finder link: https://www.avvo.com/find-a-lawyer
Use that to find any AVVO lawyer you wish, contact him directly, and bypass this part of the site. I am sure you can get a free consultation and your lawyer should be able to offer you even an office consult if that is what you want and under safety protocols.
Robert Pentangelo, Esq.
These real estate transaction fraud cases are tough and very complicated.
The statute of limitations for many of the causes of action you might bring is six years, and not all of the causes of action have clear case law that the statute of limitations begins at discovery, rather than the sale. Meaning, for some causes of action your discovery of the fraud (because that is what it appears to be, at least from my reading of your question) starts the statute of limitations. For other of the possible causes of action, it is unclear whether discovery is relevant to the statute of limitations issue.
These are specialty cases, very complicated and with many moving parts. I have handled several of them over the years but no longer practice in this area.
I would start by contacting your title insurance company and talking to them, and their in house counsel, about your options. If the counsel will talk to you. He/she might, and he/she might not, if you do not have an attorney retained to help you.
It is a small, niche area of litigation and the title counsel in your title insurance company will know most of the players. Start there, is my suggestion.
And hope your title insurer will accept this as a claim.
(You could also contact the real estate broker licensing board, and see if they will help you.)
But you definitely need counsel.
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