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real estate; litigation; square feet; square footage; agreement of purchase and sale; listing; misrepresentation; litigation lawyer Tag

Z Legal Litigation Lawyer | Toronto, Canada > Posts tagged "real estate; litigation; square feet; square footage; agreement of purchase and sale; listing; misrepresentation; litigation lawyer"

Square Footage Misrepresented on MLS? What Happens Next?

What is the effect on a signed agreement of purchase and sale when the buyer discovers prior to closing that the square footage in the MLS listing was inaccurately inflated? Rescission may be obtained on the basis of a non-fraudulent misrepresentation where the defendant has made a false statement that was material and induced the plaintiff to enter into the contract. The effect of a material misrepresentation is to make an executory contract voidable, not void. On acquiring knowledge of the misrepresentation, the deceived party has the right to elect to affirm or rescind the contract within a reasonable time after...

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