False representation - Closing an investment property

[Ram Ranga]

Hello All, we have found an ocean side property in SC, and closing the transaction tomorrow as our investment property. However, the real estate attorney just called us and informed that the Title shows the year built as 1962 Vs 1985, as listed in the MLS listing by the seller. This is a false representation by the seller/seller's agent.

I am in dilemma now as whether I should move forward with the sale or back out due to misrepresentation of information. Can RE Investors and experts weigh-in asap, please?  

[Dustin Allen]

@Ram Ranga

With the change in age, the home is subject to Federal Lead Paint disclosures. If they didn’t already provide those, you can insist on them providing those. In our state at least (CA), that would renew our right to cancel based on a seller disclosure.  At the very least, you should be given 10 days to investigate the potential presence of lead paint as required by Federal EPA rules.