Neighbor: I know a secret about your new house

What to do if you feel misled in your home purchase

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Hopefully, your real estate transaction will go smoothly. You'll move in to your new home and you won't be disappointed. If you're selling, the transaction will close uneventfully, and there will be no nasty surprises after closing. But, occasionally residential real estate transactions don't work out as planned. Consider the following scenario: The buyers move in. Then they become chummy with a neighbor who tells them something about their new home, or the neighborhood, that they think should have been disclosed to them at a point in the transaction when they still had a chance to decide whether or not to proceed. What should the buyers do next if they think they've been deceived by the seller or the seller's agent? The first step is to determine if, in fact, they were misled. Many states, such as California, have seller disclosure requirements that call for sellers to disclose known material facts to the buyers before closing. A material fact is something that would affect...