Posted by Jay (NY) on August 12, 2003 at 13:44:53:
IM not a lawyer or advisor. I think that, if the previous owner knew about it before he/she sold it to you it was their obligation to disclose it to you.
Also, if you bought it through the sellers broker you can probably sue the owner and the broker. and possibly get your money back or get them to fix the problem. Get a lawyer asap. Shalom.