A buyer in Tampa discovers undisclosed structural damage after closing on a residential property. The seller's agent knew about the damage but failed to disclose it. What is the buyer's best course of action under Florida law?
Correct Answer
D) Sue for damages and potentially rescission based on fraudulent concealment
Under Florida law, fraudulent concealment of material defects can provide grounds for both monetary damages and potentially rescission even after closing. The buyer can sue both the seller and agent for the undisclosed material defect. A is incomplete because it doesn't address the agent's liability. B is insufficient because FREC complaints don't provide monetary relief to the buyer. C is incorrect because fraudulent concealment can override as-is clauses and the finality of closing.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
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- → A buyer signs a Florida purchase contract for a condo and learns during the inspection period about a special assessment of $10,000. The seller knew but didn't disclose this. What are the buyer's rights?
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- → In Florida real estate contracts, what legal principle requires that both parties exchange something of value?
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