Regency Real Estate

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Review: Regency Real Estate aided and abetted the fraudulent misrepresentation of the value of the property I bought

Background: I am a young 1st time home buyer. I found the pool full of Algae when I moved in on 5-24-13 after a 15 day "rent back" by the former owner and resident of 4 years. Leslie's Pool Supply instructed me on a solution which included chemicals and continuous running of the filtering system.

Within the first day of running the pool filtration equipment, I noticed I had to add about 3 inches of water (over 1100 gal), and have had to continue doing so every day since.

I scheduled a repairman from the home warranty provider, HomeGuard Inc. He fixed leaks at the pump/filter equipment, but said they would not have resulted in 3 inches of water loss per day. I hired a leak detection company to locate the leak. He found significant leaking through 3 cracks in the pool, one of which had been amateurishly patched. In addition, he found the deep end water returns were leaking as well. After learning about the leaks, I had two pool building companies do a consultation to estimate the repairs. (Approx. $12,000)

Misrepresentation of a Property's value in a Real Estate Transaction: The written disclosures provided by the owner/resident during the sales process mentioned a small number of things that were in need of repair, but nothing about the pool leaking significant amounts of water. Additionally, the selling Realtor did not answer or provide any statement in the AGENT'S INSPECTION DISCLOSURE section, section III of the Transfer Disclosure Statement document (Form TDS 11/11) or elsewhere, as to the condition of the real property being offered for sale. I have to assume from this omission that [redacted], the sellers licensed agent, did not perform ".... A REASONABLY COMPETENT AND DILIGENT VISUAL INSPECTION OF THE ACCESSIBLE AREAS OF THE PROPERTY ...." as she is required to do under the terms of her California Real Estate License.

And, since the owners (Seller) were continuous residents of this property for 4 years prior to me moving in, there is no way they did not know about this substantial and expensive water leak.

I believe [redacted] (Lic#[redacted]) acting as an employee representative of Regency Real Estate was willfully negligent in her duties to the seller and the buyer in this transaction. She apparently did not instruct nor advise her clients (Sellers) in their duty to provide full disclosure of all conditions known to them that may have a material impact on establishing a fair sale price. And, she did not independently prepare and sign an Agents Inspection Disclosure as required.

Further, [redacted] (Lic#[redacted]) as owner of Biwoods Real Estate Corp. dba Regency Real Estate, and as [redacted]'s Managing Broker, was negligent in her duties to review and supervise the work of her employed agent.

Together these representatives of Regency Real Estate aided and abetted the fraudulent misrepresentation of the value of the property I bought.Desired Settlement: Proper and complete repair of the water leaks in the swimming pool.