Condominium Parking misrepresented by seller

[Anja Schepp]

Hello All!

Hoping to pick some brains on this one. I am under contract for a condominium near downtown Austin, TX. Intent is to occupy/heck for about a year to update, then rent. The seller listed the unit as having 2 spaces, and that is what is written in the contract that I have been signing to date.

Title, the lender and everyone else has signed off, assessment and inspection are done, and we are set to close on the 5th.

However, I cannot find legal record ANYWHERE of the second parking spot. The HOA docs that were provided showed only 1, and I flagged the issue to my realtor and asked for clarification. What I've read online says title and assessment should've caught this in their reviews. Regardless, it seems I have to choose between asking for more credit (unlikely), dealing with it (making this a significantly worse first investment), or walking away (not even sure if I have that option anymore). Or, eventually sue when the home purchased doesn't match the contract, but that sounds horrible, and more like I just didn't do my own due diligence on the property.

If I went the credit route, I'm not even sure how I'd begin to quantify that.

Any advice would be much appreciated!

[Bruce Woodruff]

Your Realtor should be taking the lead on this. Hold his/her feet to the fire, even going to their Broker if necessary. It seems like a pretty big deal to me. Maybe the 2nd space is in shared community parking?