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Real Property Law Real Property Transactions

Backsies! When Can You Rescind a Real Property Purchase Agreement?

ThinkstockPhotos-527074543 (1)You buy a house and then discover that the seller didn’t disclose a material fact about the property—say, the sewage system you thought was owned by the city was actually owned by 13 different residents in the area, and you’re now on the hook for maintenance costs. Compounding matters, the house’s value has dropped significantly since you bought it. What do you do? Try to rescind the sale contract.