What Is A Land Acquisition Agreement?
Land acquisition is an ambiguous term. Some people use that term as a very general term, so it can include any purchase or sale of real estate, or contracts to actually purchase real estate. It is like a contract of contracts. It is an agreement wherein there will be a contract that is signed. Usually, that is involved in single family home purchases or purchases of lots for single family homes. If you are dealing with developments, a municipality, or a county, and you have to have a certain plan approved, part of the plan is that there is going to be property that is going to be purchased and it may involve the municipality or it may not. As part of that acquisition agreement, you have to agree to a contract to purchase the property. In a specific sense, it is a contract to make sure that both parties are going to agree to sell or to purchase real estate.
What Are My Options If The Seller Is Found To Have Misrepresented Real Estate During A Sale?
The seller has certain obligations and if you are dealing with a typical purchase agreement, the buyer has the right to inspect and pull out, if they find that there is an issue. If there is an as is contract, the buyer is protected less but the seller is still not allowed to misrepresent defects that the seller knows about. If there is a hole in the roof or no air conditioner, those are fairly easy to see and you would be expected to know about them.
Often, misrepresentation is by omission. Blatant misrepresentations are easy calls and you would have remedies, and be able to back out of the contract. You could sue the seller and get a judgment and money out of that particular judgment. The trickier ones are proving that the seller knew that there was a problem and failed to talk about it at all. It is obligation that the seller has to disclose issues that they know that are problematic or could be problematic.
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