A new Client of mine purchased a home and closed just under 4 years ago. The listing when they purchased the home overstated the square footage by just over 300 sq ft. The home was worth far less than what was paid. They paid what they did based on the info provided in the listing. The listing agent at the time went as far as printing out a floor plan and manipulating it. (I have it in my possession)
Are they too far out to seek retribution? What would be the appropriate course of action?
There are several issues here. The size discrepancy must be “material”, if it’s not, then, it doesn’t matter. Sometimes, 10% in area can be an issue, other times, it’s unimportant. Dimensions are more significant than area.
We are 4 years out. That’s an issue. The size discrepancy should have been evident to the Buyer. The presumption is that the Buyer knew on closing. Apparently, this wasn’t noticed. Why not? And how did this come to the Buyer’s attention?
Potentially, there are a few people to sue here: 1) Seller, 2) Listing Agent, 3) Buyer’s own Agent. In addition, there will likely be a sizeable assessment for contributory negligence here.
Brian Madigan LL.B., Broker