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TL;DR – Potential Lawsuit Regarding Deposit Loss Due to Inadequate Disclosure

I am at risk of losing my deposit and potentially facing a lawsuit because the documentation provided by both the realtors and the condo reviewer failed to disclose that the property I intended to purchase was converted from rental units to condominiums. Is it possible for me to sue them for this oversight?

Context and Background of the Situation

I recently discovered a one-bedroom condo that piqued my interest, and the seller was transparent about the presence of post-tension cables within the building structure. My realtor highly recommended a document reviewer with whom they had previously worked, and during our meeting, this reviewer echoed the seller’s disclosure regarding the cables. They went on to assure me that the condo’s financial health was sturdy enough to support maintenance for at least the next 30 years.

However, I faced an unexpected hurdle when it became clear that I could not take possession of the condo immediately. The former owner still had a tenant occupying the space and was unwilling to vacate until the tenant’s lease had officially ended. I accepted this situation, as my intention was not to become a landlord on my very first property purchase.

Employment Challenges Affecting Transaction

Adding to my troubles, I lost my job shortly after waiving conditions set forth in the agreement. Thankfully, I managed to secure a new position relatively quickly; however, the new job offered a lower salary than the one I had previously relied on to qualify for my mortgage. Throughout the summer, I applied to hundreds of job openings but faced a challenging job market.

Fortunately, my mortgage specialist understood my situation and was able to connect me with an alternative lender who was willing to look past the post-tension cable issue due to the fact that I had a 20% down payment saved up.

Last-Minute Setback Before Closing

It was just two weeks before the closing date when disaster struck—the lender decided to back out of the agreement upon discovering that the property was a condo conversion and that the plumbing was not up to current code standards. This sudden change left me in a precarious situation where I had little recourse.

Since then, I have diligently reviewed the condo review report and examined all of the documents provided by the seller’s realtor. Astonishingly, not once did the condo reviewer mention anything about the property being a condo conversion. The only mention of "conversion" in any of the documents occurred in a note from the seller, indicating the term only once and two years after the building’s original construction.

The Realtor’s Lack of Concern

Adding to my frustration, my realtor has been largely unconcerned about the complications that have arisen. Their lack of proactive engagement has forced me to navigate this crisis largely on my own. As we approach the closing date—now just one week away—I feel like I have run out of options.

It feels as though both the selling and buying realtors, as well as the document reviewer, significantly overlooked critical aspects of this transaction. Had I been informed that the condo’s conversion status could pose a serious problem for lenders, I would have certainly reconsidered pursuing this property.

Considering Legal Action

Given these circumstances, I am left wondering whether I would indeed have a valid case against those involved. If the realtors and the document reviewer had fulfilled their duties and responsibilities, I might have avoided this entire situation.

How AI Legalese Decoder Can Assist

In this delicate circumstance, AI Legalese Decoder could be instrumental in clarifying the complex legal jargon and documentation I am currently faced with. AI Legalese Decoder can help analyze the contracts and any legal phrases or clauses that may be relevant to my case, making it easier to understand my rights and potential options for recourse. Furthermore, it can provide insights on whether there is a strong basis to pursue legal action against the involved parties for their lack of disclosure.

By leveraging AI Legalese Decoder, I might be able to piece together a clearer picture of my situation and determine if legal action would be a viable path to recover my losses or safeguard my interests, ultimately allowing me to make a more informed decision moving forward.

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