Under California law, real estate agents are obligated to disclose every known material fact that may affect the choice of a buyer. This same requirement applies to sellers of residential real estate. If these parties fail to abide by the law, this is grounds for real estate litigation in Los Angeles.
Real estate sellers and agents must disclose to potential buyers any construction defects of which they are aware. It is also legally necessary to reveal any clouds that might be on the title of the property. Essentially, any issues that might influence the property’s desirability or value need to be revealed.
Even in a situation in which a property is being sold as is, the seller and the broker of the seller have to disclose material facts that the potential buyer may not know that might impact the party’s decision to buy the property. Failing to let a buyer know about essential facts can be considered real estate fraud. Other types of real estate fraud that may negatively impact buyers include fraudulent title transfers and the misrepresentation of the features of a property.
Sometimes sellers and sellers’ agents may also disguise signs of mold in a building. If you are a buyer and have been defrauded by a real estate agent or seller, you have the right to take legal action. An attorney can fully defend your interests and investments through the process of real estate litigation in an effort to right any wrongdoing that has been committed against you in Los Angeles or the surrounding areas in Southern California.