The failure to disclose to the buyer anything that is known to the seller affecting the value or desirability of the real estate being sold in a San Diego area transaction creates a financial legal liability for the seller. This is required not only by a specific California statute addressing the failure to disclose, but also under common law. The burden on the seller to make a “good faith” disclosure (read: transparent and honest) is clear and enforceable. The seller cannot simply list a property “as-is”, and the independent inspection of the property by a buyer or buyer’s expert does not relieve the seller of their liability in failure to disclose cases. If you have purchased real estate in San Diego and believe the seller hid a defect in the property, for failed to disclose a defect or issue they knew about we can help you to hold them responsible.
The Watkins Firm has served San Diego real estate buyers for decades, and have deep expertise and experience in failure to disclose and real estate litigation cases. The breach of this duty to disclose leads to two rights on the part of the buyer: “rescission” and “damages.” Known defects and disclosures are provided on the Transfer Disclosure Statement (TDS). Upon receipt of the TDS the buyer has 3 days to cancel the transaction returning the transaction to the point immediately preceding the execution of the agreement (known as “rescission”). Legally, this returns the parties to a point as if the agreement had never been signed at all.
“Damages” in these cases are the difference between the sales price of the property, and the actual value of the property based upon the hidden defect(s). The buyer would also be able to recover the costs associated with “sums expended in reliance on the fraud.” The specific facts of the case will determine if the buyer is also entitled to “punitive” damages and recovery of attorney’s fees.
If you believe you are the victim of a failure to disclose in San Diego we invite you to contact the Watkins Firm for a free and substantive consultation at 858-535-1511.
