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Updated over 6 years ago on . Most recent reply
broker fraud? on property
Hello, So I purchased a commercial property about 8 months ago. All went well until we started to discover things that were not disclosed.
to make a long story short, the seller and broker both knew (have proof) of converting a aerobic field into a parking lot and leaving the aerobic system in back of the property which fills up with rain water and leaves my sewage system useless. they literally abandoned the sprinkler and pump system and covered it with material.
When I purchased it, the broker told me that new "Holding tanks were installed" in the rear. which is false!
it is very costly to install these now. and the broker is giving me the run around.
No sellers disclosure was signed by me or the seller, nor presented at the time of closing. And I did not get an inspection on the property, but it does not say I bought it AS-IS on the contract.
Advise please?
Most Popular Reply
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Im surprised no one mentioned this yet....but in most places as far as I am aware, commercial properties are exempt from disclosures. Rule of thumb is buyer beware and buyer is fully responsible for any due diligence.
- Russell Brazil
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- Podcast Guest on Show #192
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