Did you buy a home and realized there were undisclosed material defects? You may be awarded contract
Buying a home is the ultimate American dream. Many people flock to the United States with hopes that they one day, will be able to own their own piece of land. Many natural born Americans, work tirelessly, so that they to can enjoy something called "home." Something that sets an example for the hard work and determination to get where they are.
So, what will you do if you have worked to obtain the ultimate American dream of purchasing your own home and only to find out that the sellers did not disclose material defects in the property? These defects, of course, are not things that you would have noticed at the time of inspection of the property. What would you do?
Well, you have the right to sue. When you purchase a home, you are entering a contract. Not only do you contract with the seller of the property, but you may also contract with a Financial Institution if you do not have enough cash to purchase the property out-right. To prove that a contract occurred, you will have to show an offer, acceptance and consideration. That's easy. Normally, the Illinois Multi-Board Contract shows the date the offer was made, the acceptance, and the consideration provided (the purchase price).
You ask, well since I have a contract, how do I get my money back or bring the seller(s) to justice for not disclosing the defects? When you have been materially mislead on the condition of the property, you may sue and ask the court to rescind the contract as a remedy. "Rescinding" simply asks the Court to cancel the terms of the contract, give you your money back and you give the house back. But of course, you like the house and you want to keep it. Therefore, the next prudent thing is to sue for the cost of properly repairing the material damages in the property that should have been disclosed, or taking that cost off of the purchase price itself.
If it appears that the seller or their agent in some way committed fraud in hiding the defects of the property, you may be able to ask the court for punitive damages, plus attorney fees pursuant to the Consumer Fraud Statute. When one party takes steps to cover up material conditions and persuades the other that nothing is wrong, and that other party follows through with the purchase, a fraud has been committed. This is so, because it's probab
ly true that the purchaser would not have purchased the home had he or she known that large defects persist.
The next time you or someone you know purchases a home and uncover material defects that should have been disclosed, do not just "deal with it." Take a stand and demand the proper costs.
The SL DeBarros Law Firm, LLC is here to help you seek justice. SLD provides legal innovation that you can trust.