Cancel deal, lose deposit? Not necessarily

False disclosures can change situation dramatically

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

DEAR BARRY: The home I am buying has a buried fuel tank. This was disclosed by the sellers and their agent weeks after we entered the transaction. At first, they said the tank is made of fiberglass and is only five years old. When my agent and my attorney asked for documentation, the sellers offered to provide it on the day the transaction closes. We asked that it be provided on the day of the final walkthrough, but they did not have the papers on that day. Instead, they admitted that the tank is actually 38 years old and is made of steel. If I cancel the deal now, I could lose my deposit. What can I do? --Maryann DEAR MARYANN: The sellers and their agent have been less than forthright in their disclosures about the fuel tank. First they said that the tank was fiberglass and only five years old, while attempting to withhold documentation till the last day of the transaction. By then, the time for consideration would have passed. On the day of the final walkthrough, they re...