Currently I have lived in my house only 2 years and now have a rather large leak in the finished basement ( finished by the previcious owners). When I had someone come and look at the situation. He quoted that it looks like someone knew about the leak and did a patch job with caulk. If the previous owners knew they had a leak in the foundation is that not information they should have been forth coming about. Can they be held liable for misrepresentation and non-didclosure.
In Ohio, there is a mandatory disclosure required in residential real estate transactions in which the seller uses a form known as a "Property Condition Disclosure Form" to inform any potential buyers of any conditions, defects or repairs, past or present, including conditions relating to major mechanical or structural areas of the property, such as heating and cooling, the roof and foundation. The form tells anyone interested in the residence whether the house or property has any wet areas or standing water, what water and sewage system it has, past uses of the property and other importation information.
This form is available through the Ohio Department of Commerce - Division of Real Estate & Professional Licensing and can be found online at www.com.state.oh.us/real
If conditions are not disclosed in the form and were known to the sellers, then a cause of action may exist for both fraud and statutory violation of the relevant State laws, Further, any active concealment by the sellers of any condition would lead to a separate cause of action for fraud.
A knowledgable local attorney concentrating in real estate litigation in your area should be contact for further information regarding your claims and the timeframes within which to bring them.
Alfred Polizzotto, III
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