I recently purchased a home and discovered an underground storage tank that the previous owner did not mention. What can I do?

0
Posted

I recently purchased a home and discovered an underground storage tank that the previous owner did not mention. What can I do?

0

A. Since 1994, Michigan homeowners selling their homes must provide a Seller’s Disclosure Statement regarding the condition of the structure, systems, and land being sold. Potential environmental hazards such as underground storage tanks must be disclosed on this statutorily approved form. A Seller’s failure to disclose constitutes actionable fraud which may allow you to rescind the transaction or seek damages. Q. When I bought my house I had to pay for Title Insurance. What is it and do I need it? A. Title Insurance is an insurance policy that protects you in the event that there is any question about your title to the property, and yes, you really need it. It is rare that home buyers make a claim against their title policy because the title company makes sure you have good title at the closing. However, if the title company makes a mistake or if some problem with title is discovered in the future, you want to have an insurer who will step in and defend your title and pay any damages

Related Questions