My question involves real estate located in the State of: Pennsylvania
I am under contract to purchase a home that has passed home inspection and is one week from close. I have just discovered today, through my mortgage broker, that the property I am purchasing will go from $2,000 a year in taxes to $8,000 in taxes at the end of the year due to an expiring 10 year tax abatement. This is the first time this information has been disclosed to me and my real estate agent admits fault in failing to find the information out for me. The $2,000 in taxes was disclosed to me but no mention of a tax abatement causing the taxes to be that low. Can I terminate the contract and receive my deposit back? Or can I sue my real estate agent for negligence for failing to inform me of this? What course of action do I have?
I am under contract to purchase a home that has passed home inspection and is one week from close. I have just discovered today, through my mortgage broker, that the property I am purchasing will go from $2,000 a year in taxes to $8,000 in taxes at the end of the year due to an expiring 10 year tax abatement. This is the first time this information has been disclosed to me and my real estate agent admits fault in failing to find the information out for me. The $2,000 in taxes was disclosed to me but no mention of a tax abatement causing the taxes to be that low. Can I terminate the contract and receive my deposit back? Or can I sue my real estate agent for negligence for failing to inform me of this? What course of action do I have?
Purchase Contracts: Can Buyer Terminate Contract if the Seller Did Not Disclose an Expiring Tax Abatement
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