If you are purchasing real estate, the seller is supposed to be truthful with all answers regarding the disclosure statement. If the seller lies to you, then they can be sued for damages that are caused due to any omissions in the disclosure statement.
The disclosure statement features a list of all the known defects on the property. Buyers are supposed to be able to rely on the disclosure statement to make an informed decision about the home they are interested in purchasing.
Time Period for Disclosure Disputes
When it comes to disclosure disputes over sewage or septic tank issues, it often comes down to how much time has passed since you purchased the property and identified the issue. This is because most contracts have a time period where you cannot take legal action for lack of seller disclosure. However, if a disclosure statement has been signed and delivered to you, you can still cancel the contract if you don’t feel comfortable with the problems listed on the disclosure form.
If you receive the disclosure form before signing the contract and the seller decides to update the form after you sign the contract but before the deal has been closed, you still have the right to walk away from the deal.
What to do if You Find Problems After Closing
If you have already closed the deal on your property but later find problems with the sewage or septic tank that should have been disclosed, you will have to prove that the seller was actually aware of the problem and failed to inform you in order to recover compensation for any repairs or property damage. So if the disclosure didn’t mention anything about problems with the sewage or septic tank because the seller wasn’t aware of it, the seller would not be liable for the lack of disclosure. But if the seller knew of the problem for some time and deliberately concealed it, you can take legal action.
Depending on the details of your situation, the seller’s actions may constitute fraud, in which case the statute of limitations for the disclosure statement would no longer apply.
Do you have more questions about real estate disclosure statements and your rights as a buyer? Then get in touch with our experienced team of civil litigation lawyers at Massillamany Jeter & Carson LLP to discuss your case. Call (317) 434-1490 to request a consultation today.
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