More details to this question:
I signed contract for house which found unusual(huge amount) of mold in attic.
Ther was elevated mold in basement in home inspection.
The seller agreed to basement mold remdiation - and agreed to fix part of
the roof which had mold. But he is asking me to pay5000$ for smaller roof - (which
had sagging sheathing - per home inspection)
I have asthma - and I am thinking that all this will still not fix the mold issue(and it will be there in other places that i did not test). I also did not do chimney - and sewer
test - which for all i know may have found other issues(in this outdated house)
So can i back out of this deal without loosing deposit.(I also signed addendum which asked for replacing roof sheathing in main roof - and sagging sheathing in other)
So can i get out of this contract without loosing deposit ? (but my agent says that he is supposedly fixing the issue - but i think not in the way i want)
1 ANSWER
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Under ordinary circumstances, a contract is a contract. It binds the parties to the agreement. If, however, your contract allows you to walk away if the inspection is unsatisfactory, I would think you could do that and recover your earnest money. If, after the discovery of the problems, you entered into another agreement that indicated you would go through with the deal if certain remedies were put into place, you may have committed yourself -- particularly if the sellers have spent money to supposedly repaid the defects that you complained about.
I understand your hesitation now, particularly if you have asthma or similar conditions. I also do not understand how the seller can expect you to pay $5,000 for a "small roof". Seems to me that, if the roof needs repair or replacing in order to sell the place, it should be a seller cost.
You should confer with a good real estate lawyer in your area. For a modes fee, you can get the guidance you need in addressing this major issue.
Answered on May 14th, 2012 at 3:27 PM