Legal Question in Real Estate Law in Texas
real estate purchase
Ijust entered into a contract to purchase a property in Texas from HUD by an agent, the property was advertised to be 1940 sq.ft.I paid the deposit and they sent me the appraisal that indicates that the property is only 1576 sq,ft.
Do I have the right to cancel the deal and get my deposite back.
thank you
john
2 Answers from Attorneys
Re: real estate purchase
Probably not. HUD is a department of the Federal Government and they have governmental immunity from liability in most cases. Read your HUD contract carefully. Any right to refund (or not) and cancellation will be spelled out there.
Re: real estate purchase
Unless the contract provides otherwise, dispute is governed by Texas law. I cannot speak to TX law, but in California and Nevada, you would grounds to cancel agreement based upon mistake of fact. While appraisals can vary in sq. footage calculations by up to 5% depending on methodology, what you describe it too much. By closing on the property with knowledge of the sq. footage differential, you run the risk of essentially consenting to the reduced sq. footage.
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