Buyers who discover that a seller overlooked damage in their property disclosure statement may have the right to void a real estate purchase agreement.
Buyers can alternatively pursue a real estate purchase agreement amendment, depending on their circumstances.
If you’ve already sold your property, a wronged buyer may choose to take you to court over an alleged oversight. However, buyers have to uphold a substantial burden of proof. Sellers, after all, aren’t required to conduct inspections before creating a property disclosure statement.
Sellers who can argue a lack of knowledge about conditions on a sold property may be able to avoid a civil lawsuit altogether.
If you’re concerned about missing apparent damage when writing your property disclosure statement, bring a real estate attorney to walk through the property with you.
You are not expected to hire an inspector when writing your property disclosure statement. But an attorney can help you identify obvious damage the average buyer might have issues with.