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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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I entered into a real estate contract approximately May 1st,

Customer Question

I entered into a real estate contract approximately May 1st, 2016 to purchase a single family home in Hollister, Calif. The Seller failed to disclose that he was in Foreclosure at the time, which has caused much delay and additional cost to me. The contract is scheduled to close tomorrow (7/8/2016), but I was just informed yesterday (7/6/2016) that there is an issue with a (powered) gate on the property, and the Seller has a maintenance contract for $85 per month to maintain it, which was also not disclosed until yesterday.
Under the circumstances, I no longer wish to close on the house. My question is, will I lose my $20,000 Deposit if I refuse to close, or do I have a legal basis for terminating the contract?
My name is*****
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  Barrister replied 8 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Are you asking if you have the right to cancel the contract based on it taking 2+ months to close?

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Or due to the gate maintenance contract that they failed to disclose?

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How long is the contract duration?

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Was there anything in the purchase contract that states "Time is Of The Essence" with regard to any closing date?

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thanks

Barrister

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