Land Owner Contract Lies

What is the name of your state? NY
I signed a land owner contract with my lawyer and the sellers lawyer present. It states in the contract that the property is approximately 2-3 acres. I was verbally told by the real estate agent (buyers and seller agent) that the land was 3 acres. I have the house on the market and he (the same agent) is advertising it as about 3 acres. I have recently found out that is is actually only 1.6!!!! I am totally angry! I have been ripped off and lied to. I could understand if it were 2 or 2 1/2 or 3, but less than 2 acres when the contract (and the sellers and real estate agency) told me it was about 3!!! What can I do, I am only 3 months into the mortgage and would like to back out of the deal all together. There are several other things the sellers lied about, but I feel like I am at fault for doing a land owner contract. Their lawyer worded things pretty loosley and I just trusted the sellers to be telling the truth. Please help!

[HomeGuru]

[quote]Originally posted by Speekup2002
[b]What is the name of your state? NY
I signed a land owner contract with my lawyer and the sellers lawyer present. It states in the contract that the property is approximately 2-3 acres. I was verbally told by the real estate agent (buyers and seller agent) that the land was 3 acres. I have the house on the market and he (the same agent) is advertising it as about 3 acres. I have recently found out that is is actually only 1.6!!!! I am totally angry! I have been ripped off and lied to. I could understand if it were 2 or 2 1/2 or 3, but less than 2 acres when the contract (and the sellers and real estate agency) told me it was about 3!!! What can I do, I am only 3 months into the mortgage and would like to back out of the deal all together. There are several other things the sellers lied about, but I feel like I am at fault for doing a land owner contract. Their lawyer worded things pretty loosley and I just trusted the sellers to be telling the truth. Please help!

**A: when buying real estate always request a new survey, title report, hire a home inspector, do a building permit/public record check etc. And on a land contract, verify the mortgage balance and if the mortgage, real property tatxes etc. are current.
Go back to your attorney and ask why he/she did not advise you to do these things as part of your due diligence. Let us know the outcome.

when i bought this property, i waived the survey because the sellers were short on cash at the time, but I did have it added into my contract that a survey was to be done and paid for by the sellers when I optained a mortgage or sold the property (I have a 2 year balloon) Everything else was done (inspections, title search, etc.) But I was told that everything worked fine, and soon after found out that the furnace was in very bad shape efficiency wise and safety wise. I had to replace it as well as the hot water heater. What a sham! These people lied about things that I know I cant do anything about now, but I was hoping that because of the timing of the survey and the contract stating it is 2-3 acres that there would be something I could do about that!

[HomeGuru]

Check with an attorney.
It makes no sense to get a survey after the fact for the main reason as what you are experiencing.