Residential real estate transactions in California often lead to six or seven-figure debts for those acquiring new homes. Typically, sellers have to disclose any known issues with a property to a buyer before the transaction occurs. Buyers often also pay to have appraisals and inspections done to identify any issues that might negatively affect property value.
However, sometimes buyers only learn after closing that there are serious issues with a residential property. The failure of a seller to disclose those issues might lead to a lawsuit. The following are some of the top causes of disclosure-related real estate lawsuits in California.
Foundation and roof issues
Certain types of defects don’t cost much to repair, so buyers may not worry much when they discover minor issues after taking possession. However, issues with crucial home systems can be very costly to address. Damage to the foundation or roof of a home could affect how safe the property is and its overall value. That damage to the foundation or roof can eventually cost tens of thousands of dollars if left unaddressed until something catastrophic occurs.
Plumbing and electrical problems
The pipes bringing water in and out of a house are crucial for occupants’ comfort and safety. The same is true of the electrical wiring within the home. Both systems can also be incredibly expensive to repair when there are major defects. If sellers did not inform buyers about leaking pipes, nonconforming electrical systems and other major issues, the buyers may initiate litigation to help cover the cost of repairing the electrical system or the plumbing within the home.
Air conditioning or HVAC problems
Climate control can be an essential element for personal comfort. In cases involving medically-vulnerable people, climate control might be necessary for their health and safety. If a seller failed to disclose that an air conditioner began leaking coolant last summer or overall issues with the house’s HVAC system, the price tag for making repairs could be thousands of dollars. Additionally, buyers may have to scramble to secure appropriate assistance if they notice the failures during high-demand parts of the year.
Sellers can protect themselves during real estate transactions by making thorough disclosures about any issues they recognize at a property. An as-is listing does not protect them from disclosure requirements. Buyers can protect themselves by choosing not to forgo inspections and appraisals. They may also need to learn about their rights in the event that a seller misrepresents property.
Pursuing a disclosure-related real estate lawsuit can help buyers cover repair costs under certain circumstances. Those with the right evidence can potentially secure compensation to help them bring a property up to the standard that they thought it was in when they bought it.