Posted by JHyre in Ohio on September 17, 2002 at 06:59:58:
If I were the judge hearing the case, I’d say “why are you wasting my time over 50 bucks a month? DISMISSED!”. It’s good that you did your homework, and good that can walk - take your anger out in the gym and move on. Good lesson for everybody: DO YOUR HOMEWORK, DON’T TRUST ANYONE’S WORD!
John Hyre
Misrepresentation of Condo Fees - Posted by RPH
Posted by RPH on September 14, 2002 at 21:08:48:
We are in contract as buyers on condo in VA where monthly condo fees were misrepresented significantly . Isn’t this constructive fraud by seller and/or sellers broker? Is it possible to sue for damages, since we passed up another house to engage in this one? Any additional info on options and expected outcomes would be extremely helpful. Thanks!
Re: Misrepresentation of Condo Fees - Posted by Dave T
Posted by Dave T on September 15, 2002 at 20:36:56:
Is there more to the story? Just how was the association fee misrepresented?
VA state law requires your sales agreement to include language pertaining to a “Condominium Association”. If not in an addendum, the language would appear in the basic contract itself. This language gave you, the buyer, a certain number of days to review the association’s bylaws and financial statements. If during your review period, you found something that you did not like, you could withdraw your offer and declare your contract void.
Did your purchase agreement include this language? Did you review the bylaws and financials, to include assertaining what your monthly dues would be?
Look up the VIRGINIA CONDOMINIUM ACT for more details.
Re: Misrepresentation of Condo Fees - Posted by rph
Posted by rph on September 15, 2002 at 22:34:16:
Fully aware of Va. Condo Act, and can walk on deal if we choose. The situation is that the condo fee was listed in MRIS for $500, and actual condo fee is $550. Now, shouldn’t Realtor look up this info for docs rather than misrepresent a material fact? And shouldn’t seller have signed off on this (especially since they were paying bills)? So it appears deceptive, and possible constructive fraud on brokers part, and possible detrimental reliance since it would be expected to be corrected. Finally, isn’t this an ethics violation?
Re: Misrepresentation of Condo Fees - Posted by Nate(DC)
Posted by Nate(DC) on September 16, 2002 at 12:01:48:
You may be in the right legally, but good luck finding an attorney to take that case, especially since your “damages” (losing the opportunity to buy another property) are virtually impossible to quantify. I would suggest getting your deposit back, chalking it up to experience, and moving on, as hard as that may be.
NT
Re: Misrepresentation of Condo Fees - Posted by Dave T
Posted by Dave T on September 16, 2002 at 06:15:01:
What about the property taxes? I bet they are really higher than what is listed in the MRIS too. And the square footage is probably not exactly right either.
The listing agent relies upon the best available information to put into the MRIS. At the time the listing was taken, the monthly condo fees may actually have been $500. The property taxes are approximately what was paid last year, and probably less than the amount of the next tax bill. The square footage is also an approximation, and may be off by 5%.
I suppose you should really take your questions to your local board of realtors. I am glad you can still walk on this deal, because it appears that it has soured for you.