Puffing Real Estate
Puffing real estate is simply when a seller exaggerates claims of a property to attract more buyers with opinions that are not fraudulent. Although it can be frustrating, it may also be amusing to read. it is not illegal as long as it is factually correct and not deceptive. Read on to learn more.
Puffing is legal as it is venturing an opinion, not lying about material facts. Where the line is drawn can be tricky but most people can tell hyperbole from deception. But as statements get more exact, they can cross over into those realms. Remember all sales people make pitches which if examined can be outrageous. But it only crosses the line when it is purposefully misleading. A realtor may be used if you can provide evidence they have lied. But the lie must be regarding something you had no prior knowledge of. For example, a seller may say the local school is close by when it is several blocks away, “close” is an opinion, not a fact.
Misrepresentation
The three kinds of misrepresentation are:
- Innocent
- Negligent
- Fraudulent
Innocent Misrepresentation
This is when the seller misrepresents something at the time they considered to be true but later the buyer realizes it was false. The seller does not have the intention to mislead or have any duty to carry out an investigation of the accuracy of what was said.
Negligent Misrepresentation
This is when the seller makes a statement that is false but has no basis to think it is true. there is no intention to mislead and nor do they conduct due diligence to learn the truth.
Fraudulent Misrepresentation
This is when the seller intentionally misstates a face to persuade a person to make a purchase. The seller intends to mislead and purposefully lies regarding a fact.
Remedy For Misrepresentation
One has to take into account the degree of deception, Flooring may be comparatively minor to be deceived about when compared to bigger issues like a tank under the ground that is leaking or foundation issues. None the less the remedy depends on:
- Type of misrepresentation
- Circumstances of the transaction
- Consequences of reliance on false information
Lastly, the consequences play a part. It may well be you are unable to live in the house. Greater compensation is usually the case when the consequences become more dire.
Source: https://familydebtplanning.com/puffing-in-real-estate/
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