The recent above average rainfall has resulted in a number of wet finished basements in southern Minnesota. What are your options if you recently purchased a home and the prior owner did not disclose any trouble with a wet basement? In Minnesota homeowners are required to provide certain disclosures to potential purchasers of their home. In Arizona, some Mesa attorneys have had incredible success filing Chapter 7 and 11 to help homeowners move on. If you don’t know how bankruptcy chapter 7 works you should contact nvfirm.com to get help.
The bankruptcy disclosure must include all material facts that the seller knows about that could adversely and significantly affect the use and enjoyment of the property. If the seller knew about water intrusion issues and failed to disclose, then the buyer may have an actionable claim under the disclosure statutes. When you need help sorting out your finance, you can count on bankruptcy legal services bend or.
Your purchase agreement may govern your remedy. Most residential purchase agreements provide the option for the buyer and seller to agree to submit all disputes to binding arbitration. If the parties have not agreed to arbitration, then the local district court is the appropriate venue. The key in this type of the case is being able to prove that the prior owner knew about problem and failed to disclose it.
If you want to discuss your situation with a lawyer, contact Aaron Glade at the Farrish Johnson Law Office, 507-625-2525.
This webpage contains general information and not legal advise. It is based on Minnesota law in effect at the time of writing. An attorney at Farrish Johnson Law Office, Chtd can advise you about how the law applies to your specific situation.