Full question:
I was told by the builder of my new home that we would close on the new house late December 2008. I made plans to visit granddaughter and daughter in Los Angeles for Thanksgiving. Two weeks prior to my trip, they wanted to move closing date to November 28. I reluctantly agreed and changed my plans to come back midnight Thanksgiving. After buying airfare, the builder calls wanting to move closing to day before Thanksgiving. I gave Power of Attorney to my daughter living in Charleston. The following week after closing, the builder reduces price of homes by $20,000. What recourse do I have? If I would have known of this price decrease I would have kept the closing date in December and paid $20,000 less. The builder knew that the price was to be lower the next week and did not disclose this information. Signs were printed with lower price and put up that week. Isn't withholding such information considered fraud?
- Category: Real Property
- Subcategory: Fraud
- Date:
- State: South Carolina
Answer:
In general, a contract can be rescinded for reasons such as fraud, incapacity, duress, undue influence, material breach, or mistake. To prove a fraud claim, you must show that the builder intended to deceive you. If they used deception to induce you to rely on their promise, and that reliance caused you harm, you might recover damages.
Fraud can occur through omission or failure to disclose important facts, making other statements misleading. To hold the builder liable for fraud, you need to demonstrate that they knew about the price reduction and intentionally concealed it to make you act against your interests. If you can prove that the builder misrepresented the pricing or assured you that prices would not drop, you may have grounds to rescind the contract for fraud.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.