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Updated about 2 years ago,
Misrepresentation by seller that the property is "fee simple"!
Hi All! I made a cash purchase of a property. I was represented by a realtor and the seller's relator had advertised the property as Fee Simple in MLS. The property is located in Baltimore City, MD.
Typically, if you have a lender involved, the issue of ground rent is likely to come up as it has something to do with lending requirement and the length of time left on the ground rent leasehold.
As I purchased in case, there was no lender involved and there was disclosures about property having a ground rent leasehold, as required by local laws.
I have title insurance on the property, and redemption amount for fee simple is 2K. Had it not been for this misrepresentation or negligence, I would have not purchased a ground rent leasehold property. I think this might be more of a case of negligence, as the executor sold it on behalf of a deceased relative but the requirement for disclosure does not go away and it was listed as fee simple.
What are some of the options here or recourse against the listing agent or the executor?