Class Action Lawsuit Money - Not Disclosed At Clsoing
I purchased a rental property about 18 months ago. The building inspection noticed damaged siding among over things such as $3000 worth of A/C repair/replacement costs, etc. When asked if any claims had been paid on the property and not used to repair the damage, the seller clicked the "No".
A few months ago I was notified about a class action lawsuit on Masonite Siding. The Claims Adminstrator stated in writing to me that a 100% claim has alreadly been paid on my property after I turned in initial paperwork to see if my property qualified. The sample of the siding was taken to start process of cliam. It is obvious that siding has not been replaced in the last few years (length of class action lawsuit.) The Claims Adminstrator is sending me a copy of the offer letter to settle the claim that was accepted by the previous owner. Also, my realtor confirmed that this was not disclosed.
I was told the seller was legally binding to disclose this information. Therefore, I feel I am obligated to some if not ALL of the payment he received probably 3 to 4 years ago. Any thoughts?
Also, he did give me a few thousand for repairs from the building inspection. That was a percentage of the money needed to repair the units. Should any of that money be taken into consideration in the amount of money he/she potentially owes by not disclosing the settlement check he recieved for the damaged siding?
Sounds like you might have a decent case of fraudulent non-disclosure by seller.
You'll need a lawyer to press this claim as it will undoubtedly take a lawsuit.
Yes this is a matter to litigate. However in view of the payment made to you on close, I would be open to a settlement prior to judgement in the matter. Just inform your lawyer that you are open to settlement with your old Seller. Might be cheaper, and easier also just what material do you wish to replace with? Do you perhaps feel that there might be better solutions? Now is your moment.
Cheers Lucius