Legal Question in Real Estate Law in Florida

We purchased a fourplex that was fully rented, the financials we were given by the sellers looked great but we feel that they were deceptive and did not let us know that the tenants are basically not paying rent or paying rent late and that 1 tenant would always find excuses not to pay rent. We feel that this is significant information that should have been disclosed to us, giving us a spreadhseet of the current rent roll does not mean that this is what is being collected. We asked for the records of rent income and expenses and got just a spreadsheet. We bought it in good faith of what they presented to us. We are 2 months and only 1 tenant had paid rent, 2 abandoned the units and had to be cleaned up and refurbised. Do we have a recourse, can we sue the sellers for deceptive or non-disclosure of this very important information on an investment property?

Asked on 8/21/13, 2:08 pm

Barry Stein De Cardenas, Freixas, Stein & Zachary

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The time to have challenged them was before you closed. Your paperwork is all important. Have all the document reviewed by an attorney.

Answered on 8/21/13, 2:26 pm

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