Business deal & legal issues?

Question

I bought a business with a rental property attached to it. Yes, the business inclueds the property. When I bought the property, I was told the attached property is rented to a Insurance company. I was given assignment of lease. Later, I found out that the property was vacant and the tenant was about to declare a bankrupcy and he did in three months after I took over the property. My question is can I sue the seller? Yes, I do have significant proof. I received a letter from the tenant's bankrupcy court and the letter states that he ended his insurance company/close down the insurance company before three months I took over the property. Also, the appraisal value book states that the property was vacant at the time I purchased the property. What can be done in this case? If I were to file a lawsuit against a seller, which court should I go to. Please help me out. Thank you.

Answer 1

BF is my brother and I agree with him I know that that isn't a very popular opinion at the moment but he suggested that you contact an attorney. Under the circumstances I would find me another attorney and I would ask you new attorney to guide you through filing a complaint with you local State Bar Association about Attorney number one, My brother didn't say that you should not attempt but he was trying to get you to understand that it was real possible that you are not going to win in this situation,....good luck

Answer 2

I am not sure that you really have a case that you could win. You signed the papers knowing that the report showed no one at the property IE. Vacant. Unless the tenant had informed the previous own about what was going on in his business there is no way for the former owner to know. Does the court have a letter or receipt of a letter show that ther former owner was notified. I would also like to ask a question and for certain the court will ask this question. Did you not look at the property before signing for it, and if you did could you not see that it was vacant? If not the court is going to say shame on you and if yes how long before? Then they will come back and ask if you did an inspection of all of the property prior to signing the sales paper work. I am not saying that I am right but I would think tha them court is going to sk these questions. I would encourage you to at the very least talk to an attorney.