What can I do if I believe my realtor took advantage of me in the recent purchase of a condo?
Full Question:
Answer:
Regrets about a price paid alone is insufficient to rescind an agreement. As long as a contract for sale is freely entered into, without duress or fraud, and the parties have the capacity to contract (such as not having a mental disability), a seller may generally seek the highest price
possible.
Courts have held that a party may rescind a contract for fraud, incapacity, duress, undue influence, material breach in performance of a promise, or mistake, among other grounds. In order to prove a fraud claim, it must be shown that the defendant had an intent to deceive. If deception was used to induce another to rely on a promise and such reliance caused harm, it is possible to recover damages. Fraud may be made by an omission or purposeful failure to state material facts, which nondisclosure makes other statements misleading.
To prove a material breach of contract that relieves a party of the obligation to perform their end of the bargain, it must be shown that the breach was significant enough to cause the transaction that was bargained for to no longer have value. It will be a matter of subjective determination for the court based on all the facts and circumstances involved, to determine if there has been a material breach of the contract or fraud. If a breach or fraud is found, it is possible that the contract may be rescinded and/or damages may be recovered.
