Legal Question in Real Estate Law in California
Real Estate Appraisal question:
In 2006 an appraisal was done on a single family residence (California) and, as part of that appraisal, the property was identified as being on public sewer. Well, fast forward to today (3/2012)and I find the property is actually on septic and, according to the city, it is impossible to hook up to sewer. I am out of pocket several thousand dollars because of this error (existing septic just failed and had to be replaced). In fact, had I known it was on septic, I most likely would not have continued with the transaction.
What is my recourse, if any?
When does the Statute of Limitations kick in?
This was a property where I funded the 1st Trust Deed and subsequently had to take it back via foreclosure.
1 Answer from Attorneys
I assume that you mean the statute of limitations for fraud. The statute of limitations for fraud is three years, and begins to run when you knew, or should have known, of the facts that constituted the fraud.
But to prove fraud, at least against the appraiser, you would have to show that the appraiser knew that the property was on septic.
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