Real Estate Defects & Seller's Disclosure Statement
In any contract for the sale of a good there has to be a full and complete disclosure of the character and nature of the good being sold. This is especially problematic with real estate transactions — both residential and commercial — given how many things need to disclosed about property. In Missouri, a seller usually completes a Seller’s Disclosure Statement warning the buyer of any deficiencies with the property.
What happens when there is a defect that is not disclosed but then later is discovered after the sale by the purchaser? Depending upon the nature of the defects, and the facts giving rise to the transaction, then a number of legal remedies may be appropriate.
A claim for civil damages can be brought for intentional misrepresentation, negligent misrepresentation, breach of contract, or the Missouri Merchandising Practices Act. Furthermore, if the defect and non-disclosure are material, then in certain circumstances the entire contract may be rescinded (i.e., “undone”) by a Court.
Contact us today with any questions.