Posted on: 25th Feb, 2010 08:09 pm
I bought a house by owner finance... soon after we found some major damage to the home , that was not disclosed. we have been in the home for 3 yeas and we are just afraid we wont be able to sell the house because of the damage we now know about.........
can we get out of the contract?
can we get out of the contract?
Hi Frank,
If the contract is legally valid, it is binding to both you and the seller. However, if the seller did not disclose the major damages to the home, it should be considered as a violation of the contract. A seller is supposed to disclose all relevant facts before selling the property. If he suppressed vital facts, it can be considered as violation of the terms of the contract. However, a lot depends on what terms and conditions the contract contains. You can consult a lawyer and check out if the seller is in violation of the contract.
If the contract is legally valid, it is binding to both you and the seller. However, if the seller did not disclose the major damages to the home, it should be considered as a violation of the contract. A seller is supposed to disclose all relevant facts before selling the property. If he suppressed vital facts, it can be considered as violation of the terms of the contract. However, a lot depends on what terms and conditions the contract contains. You can consult a lawyer and check out if the seller is in violation of the contract.