If you are preparing to purchase commercial or residential property in Minnesota, you’ll want to research state laws regarding such transactions ahead of time. Knowledge is power and can also help you avoid legal problems if certain real estate issues arise. For instance, what if you buy a property and later discover that there are problems the seller did not initially disclose to you?
Some sellers offer a third-party warranty on a house for sale. If that is what occurred in your case, you may be better prepared to handle undisclosed property issues if you accepted the warranty offer. Such warranties typically last at least 12 months and may cover undisclosed defects on a property.
New construction homes may have 10-year warranties
There’s a big difference between buying a home that is decades old and one just built. There should essentially be zero defects in a newly constructed home. Third-party warranties for such homes often extend 10 years.
It’s possible to have a deductible with a third-party warranty. It’s important to make sure you clearly understand the terms of the agreement before signing. In such cases, the warranty would cover repair costs, minus the amount of your deductible. In other words, if your deductible is $1,000 and repairs are $3,000, the warranty will cover $2,000.
State law provides recourse for you to seek restitution for undisclosed defects
If you purchase a home and discover damage the seller should have disclosed to you before you made an offer, you may have grounds to file a legal claim. To be successful in court, you’d have to prove that the seller purposely concealed the defect or damage in question and that it existed before you purchased the home.
Resolving undisclosed damage issues
Perhaps your goal is simply to have repairs made on your new home without incurring the expense. You might be able to negotiate a solution where the seller covers repair expenses. If amicable discussion isn’t possible, you may decide to litigate the case, which means you and the seller will have an opportunity to present your arguments to the court.
Taking the person you bought a house from to court is a stressful experience. However, you have a right to purchase a home that is free of defects or one in which the seller has disclosed the defects to you. Such litigation is complex and stressful, which is why most homebuyers secure experienced legal representation before heading to court.