We had a home inspection done they noticed a possible foundation block displacement. We spoke to the buyer who advised us that they did not have any foundation problems nor did they notice any of these problems. Therefore, by taking their word on this we waived all the remainding conditions on our offer to purchase bearing in mind that the seller advised us that they did not have any foundations problems nor did they notice any of these problems while living at the home. It wasn't until extensive search that we noticed that there was a crack in the cement block in previous years that appears to have been covered and patch with cement. As this was something that was not disclosed to us, and the buyers may have intentially lied about the extend of the problems, would this mean that we can back out of our offer to purchase? What consequences would we as buyers face if we back out of the deal at this time?
Asked 4 months ago in Ontario
Categories:
Real Estate
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 Ontario lawyer
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You may be able to back out of the deal, or if you have to complete it you may be able to sue the vendor. Be aware that you will have to prove several things, some of which may be difficult:
1. the fact of the foundation problem;
2. that the problem was pre-existing;
3. that the vendor know of the problem and deliberately mis-led you;
4. that you relied on the vendors' statements, and not on either your own advice or the advice of an inspector;
5. that the damages are sufficient to justify the action you decide to take.
You should speak with your real estate lawyer about your options.
Posted 3 months ago
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