Buying a condo and just found out that a new 3 story residential home is going to be built right next door, putting the building approx 15 ft away from my balcony. This severely limits the view from the balcony, affecting rentals and future value. This was not disclosed to us, even though the sellers had been made aware months ago. Closing delayed due to this. Is this something that should have been disclosed as it will negatively affect the property value. Can I get out of the contract?
Hi, not sure where this property is or the exact circumstances of the transaction, but if it's in Florida, the seller should disclose any facts that they are aware of that materially affect the value of the property, and are not readily observable and are not known to the buyer. This responsibility also extends to the agents in the transaction.
That being said, whether or not you can get out of the contract depends in part on how the contract is written - for example, if it is a FAR-BAR As-Is contract and you are within the inspection period, you could cancel for any reason. If there is no cancellation option prescribed in the contract, or if the cancellation option has expired, then you can still inform your agent that you want to cancel, and the reason why, and have them initiate that process.
If the seller refuses, then you should consult with an attorney. The seller could argue that the residential home being built adjacent to your unit does not have a negative effect on the value of the property. This could then require additional "expert" opinions and arguments to settle that point.
In many cases like this, a seller will ultimately agree to cancel a contract under these circumstances in order to avoid the potential costs and delays of arguing the point, along with potential additional damage awards should the buyer prevail in a subsequent law suit.
Unfortunately, the answer to this type of question is usually not clear cut. If the information you discovered about the new construction makes this condo unit unacceptable to you, then you should try to cancel the contract amicably with the seller first. If that doesn't work, you should talk to a real estate attorney for advice on your best options in this specific situation.