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Replies (6)
- Eugene Hacker, "RiverLakeRE"
- Contributions:165
The big question you will face is if the seller was aware of the problems.
Have you already talked to the seller?
Have you already talked to the seller?
- Erika Phelan- Buyers Agent, "Orlando Buyers Agent"
- Contributions:103
If indeed his electrician was aware of the problem, then the seller was probably aware also.
Your lease agreement is one issue and the non-disclosure is another.
You really need to get the advice of a real estate attorney who can review what you have signed and counsel you accordingly.
Erika in Orlando
- wetdawgs
- Contributions:26804
Hi Catherine:
The disclosure laws cover sales, and the moment you are in a rental lease with option to purchase. Therefore, you are in a grey zone and the real estate attorney is certainly a good idea. If a repair was made to the electrical system in the past, it is not obvious to the average home owner that the same electrical problem will appear elsewhere. In addition, most home owners have no idea the state of their foundation. So sellers do not have to disclose what they don't know.
It is quite normal with lease option to purchase to either forfeit a hefty down payment or several months of "rent" should you back out. Did you have an inspection contingency in the lease option to purchase agreement?
There are several buyer beware take home messages in your post:
a. Get a home inspection before signing any documents and moving in.
b. Read and understand all documents before signing.
Good luck.
The disclosure laws cover sales, and the moment you are in a rental lease with option to purchase. Therefore, you are in a grey zone and the real estate attorney is certainly a good idea. If a repair was made to the electrical system in the past, it is not obvious to the average home owner that the same electrical problem will appear elsewhere. In addition, most home owners have no idea the state of their foundation. So sellers do not have to disclose what they don't know.
It is quite normal with lease option to purchase to either forfeit a hefty down payment or several months of "rent" should you back out. Did you have an inspection contingency in the lease option to purchase agreement?
There are several buyer beware take home messages in your post:
a. Get a home inspection before signing any documents and moving in.
b. Read and understand all documents before signing.
Good luck.
- Margaret Hickman, GRI/ABR/SRS, "kittenonkeys"
- Contributions:596
According to an attorney with Louisiana REALTORS in a class a couple of years ago, there is a 72-hour option to withdraw for the buyers after reviewing the Property Condition Disclosures if there is something unacceptable contained therein, which is why he encouraged us to make sure our clients saw them at the time an offer was written or VERY shortly thereafter. You don't say what type of agreement you signed or whether you were represented by a REALTOR. Therefore, I concur with previous respondents that your best option is to consult with a real estate attorney, always a wise option before attempting to enforce any provisions of a real estate contract.
- cvgalloway
- Contributions:18
Thanks everyone.
We have contacted a real estate attorney that is going to look over all the paperwork.
We have contacted a real estate attorney that is going to look over all the paperwork.
In Louisiana, You have the right to file a lawsuit against the homeowner if the homeowner did not disclose or hid by deception any obvious defect in the home.
Failure to Disclose - where do we stand?
We agreed to lease with option to purchase. (Long story short - we had to lease for at least 30 days- but we had already put in a contract to buy) After moving into the house, we got a home inspection and found some major issues (mainly foundation problems). Aside from that we had an electrical issue, and when the homeowner had his "electrician" come look at it, the guy knew why the electrical socket melted because "he had fixed this problem upstairs as well"
At that point, we just wanted out of the house - we have "rented" the house for a total of 3 months now. Unfortunately, my husband & I didn't read the lease agreement closely when we signed it (because we were sure we were buying the house) and it stated that we would forfeit the deposit AND pay for 6 months rent.
I now found out that a disclosure should have been provided to us (by law) - here is Louisiana law link:
http://www.realestatelouisiana.com/resources/propdisc.asp
Because this wasn't provided, does that mean all contracts should (could) be voided?
Yes, we are trying to get out of paying for the balance of the lease agreement, because we feel the owners were hiding information.
Thanks for all your help
Catherine
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