Legal Question in Real Estate Law in California
Reappraisal of land
A parcel of land was valued at $70,000 on June 1, 2005. The land's value was based on the presence of a working water well which was located on the property. Two years later, the land was sold (July 2, 2007) based on the 2005 ($70,000) appraisal. Two months later, the water well broke, leaving the value of the land at almost nothing. Can the purchaser of the land recover the money he lost as a result of the purchase? In other words, can he insist upon a reappraisal of the land (even though the land was sold at the price at which it was originally appraised) and receive reimbursement for moneys paid. Does he have any other remedy?There was no fraud involved-the well was working perfectly at the time the land was appraised.
1 Answer from Attorneys
Re: Reappraisal of land
Supplementing my previous answer: I think as a general principle of real estate law, an unforseeable misfortune befalling a new owner is not a responsibility of the seller/ previous owner in the absence of fraud, usualy in the form of a failure to disclose.
Although a "broken" well is a nebulous concept - one that suggests calling a repairman rather than a lawyer - it is possible there was some withholding of vital information on the part of the seller. If not, what the heck do you mean, "the well broke?" That makes no more sense than saying "the garage broke." If it's broke, fix it!
It could be that you're trying to say that a previously productive well went dry, or starting pumping brine, or that there is some other problem with the quality or quantity of water produced. If so, the issue will be whether the seller knew of the incipient problem and failed to disclose it, or whether on the other hand he was ignorant of the future problem and thus couldn't disclose it.
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