failure to disclose flooding problems
I purchased land and personal property a mobile home and deck 2/07. It was covered in snow during my 2 visits. I questioned to RE agent about the wettness of the land, her response was we had alot of snow. the disclosure form did not have that question answered, it was left blank. I over looked it at closing. when I brought it to the RE office attention, they’ve offered no assistance. I paid 5K for the land lot, is it worth persueing? can I? Should I? I recently met the RE agent who sold the property to the seller, he says they knew, and he knew too.
Re: failure to disclose flooding problems
The statute of limitations for the disclosure form is one year. But the statute of limitations for the Contract itself is 10 years for a written contract (5 for an oral contract). Of course you still want top act ASAP. So you may have a breach of contract suit or perhaps fraud.
Additionally, if the agent knew, you may have a good claim against them as well for failing to disclose the flooding issue. Look on the web at obre.state.il.us to find the agency that regulates real estate agents. Good luck!
Nicholas Chrisos
Nicholas G. Chrisos Attorney at Law
5 E. College Dr. Suite 112
Arlington Heights, IL 60004