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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 27274
Experience:  15 years real estate, Realtor. Landlord 26 years
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How can I get out of a contract I signed to purchase a condo.

Resolved Question:

How can I get out of a contract I signed to purchase a condo. After having an inspection, I realized this place needs more work than I had anticipated. The were some flood and possible mold issues brought to my attention during the inspection. Also the airconditioning unit is on its last legs. And the waterheater is about the same. I just don't feel good about the purchase any longer. My realestate agent tells me i am obligate to buy the property!!!!! At this point I hate the unit!!!!! I am willing toloose my deposit if I have to.
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Barrister replied 2 years ago.
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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Is there anything in your contract that states the it is contingent on a satisfactory inspection?
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Does it give the seller the option of either making the repairs or terminating the contract?
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Thanks
Barrister
Customer: replied 2 years ago.
I don't see any contingencies on the contract. But my broker had stated to me that the sale was contingent on the satisfactory report of the inspection.

My agent also the listing broker. He did state tht there had been some water damage in the past, but very little. Upon inspection, it was noted that the unit had been flooded!!!!!

It does give the seller the option of making the repairs, but only up to acertin limit.

All I want to do is walk away from this. I don't care at this point if they keep my drposit. Can I do this?
Expert:  Barrister replied 2 years ago.
Ok, first of all I wouldn't necessarily listen to the realtor. His goals are not necessarily in alignment with yours. He wants his commission and will pursue that goal first. Him assisting you with the purchase of the unit is secondary to that primary goal of getting paid.
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If the report noted many problems, you can notify the agent that the report came back that the entire unit had been flooded, something that wasn't disclosed to you prior to the inspection. As a result you would need to have the entire unit remediated with regard to mold problems. I would contact a water damage remediation company like ServicePro and ask them to perform an inspection and give you an estimate for completely curing any problems and then submit it with your inspection report. If the seller refuses to pay for any remediation, then great, they can terminate the contract and you get your money back.
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If they agree to pay for any repairs that are necessary, then your options to terminate are reduced to simply notifying the seller that you will not be continuing with the contract. Depending on what your purchase contract says about breach, the seller's remedies may be limited to just keeping your deposit as liquidated damages. If their recourse is not limited, then they could theoretically sue for "specific performance" of the contract and try to force you to continue with the sale. This takes money for an attorney and a lot of time, like 6 months to a year. All the while the unit is sitting there. Your defense would be fraud and misrepresentation due to their failure to disclose the flooding issues. Being a Realtor myself, I have found that the seller suing happens very rarely and they are much more likely to simply agree to keep your deposit as damages and terminate the contract.
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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 27274
Experience: 15 years real estate, Realtor. Landlord 26 years
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15 years real estate, Realtor. Landlord 26 years