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Dolores and Bratasaur gave the best adviceIf you don't have an attorney GET ONE NOW. Get an attorney to review all the documents immediately. You may also want to contact the broker/office manager and ask for their help. Today, NOW... take everything you signed to your attorney, and do exactly what they say to do.I would also make sure your mortgage company hasn't delievered your mortgage into escrow. Tell your mortgage company about the fact that a material defect wasnt disclosed to you by your agent, they may withdraw the loan if it affects the value.
But this is what attorneys are for ... so go see one ... NOW
Even if there wasn't an inspection contingency, most states 32 or more of them I believe have disclosure laws. In Ca, NV, OR, WA, ID, MT, SD, NE, IA, WI, LI, MI, IN, KY, OH, PA, NY, etcSellers are required to disclose all known material facts, including preparing and delivering a Transfer Disclosure Statement (TDS).If they haven't, completed a sellers disclosure, or they didn't disclose fully, your contract is void, as your contracts 'effective date' is usually conditional on this being signed by you and the seller. Consult with a / your attorney and put this in writing immediately and send today to the sellers by registered mail (and notify your / and listing agent immediately that the sinking is an unacceptable condition that wasn't disclosed). Even if you close, you can sue for failure to disclose for upto one year after you close for pre-existing conditions.Also, notify your loan company / underwriters that the basement has a slight sinking down that wasn't disclosed to you. If it materially affects the value of the property to which the LTV is acceptable to them, they will no longer loan you the money and it will be void. ..................................PLEASE BE ADVISED: This answer and any information contained herein is not intended to be treated, and should not be construed, as legal advice. Rather, this answer is offered solely for general information purposes.
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