A Texas seller provides the Seller's Disclosure Notice but intentionally fails to disclose a known plumbing issue. The buyer discovers the issue after closing. Under Texas law, the buyer may:
Correct Answer
A) Pursue legal remedies including damages for the seller's fraudulent nondisclosure
Under Texas law, including the Deceptive Trade Practices Act (DTPA) and common law fraud principles, a buyer who discovers intentional nondisclosure of known defects may pursue legal remedies including damages against the seller.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
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