Full question:
I recently brought what I thought was 2.75 acres on the top of a hill. During the closing I signed a waiver of survey form with the title company. I later found out that .75 acres of the land I purchase had been dug out from the side of the hill by the adjacent property owner leaving me on 2 acres of buildable land. What can I legally do to be compensated?
- Category: Contracts
- Subcategory: Recission
- Date:
- State: Tennessee
Answer:
You may be able to rescind the agreement based on several legal grounds. Courts allow rescission for reasons such as fraud, duress, undue influence, material breach, or mistake.
Duress occurs when you enter a contract under threats that deprive you of your free will. This could involve threats of physical harm or financial loss. If your agreement was made under duress, it may be declared null and void.
Mistakes can also be grounds for rescission. There are two types: unilateral (one party is mistaken) and mutual (both parties share the same mistake). Courts typically favor mutual mistakes as grounds for voiding a contract. If only one party is mistaken, the contract remains valid unless the other party knew or should have known about the mistake.
Fraud involves intentional misrepresentation that causes harm. To prove fraud, you must show that the other party intended to deceive you, and that you relied on their misrepresentation to your detriment.
In your situation, if you can demonstrate that the adjacent property owner misrepresented the land's condition or failed to disclose material facts, you may have a valid claim for compensation.
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.