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Can I back out selling my home if a contract has been signed…

Customer Question
Can I back out...

Can I back out selling my home if a contract has been signed in South Carolina?

Lawyer's Assistant: Has any paperwork been filed?

The contract has been signed by myself and the buyer but we have not closed yet.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Yes Pearl. Please let the attorney know that we are set to close Tuesday. All was good but yesterday the realtor called and said the buyer wants us to pay 25K to have asbestos popcorn ceilings removed. I called the co that did the asbestos inspection and was told that the house is perfectly fine to continue live in as long as there is no renovation as the contained asbestos that is in 90% of homes that age is then no longer and is a health hazard. I offered 6K and the boat they wanted for free but the seller said they want us to pay half. I do not want to pay any more as it was an as is contract. Can I back out since the buyer is being an idiot and thinks I should pay for part of their renovation? thanks

Submitted: 8 months ago.Category: Real Estate Law
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Answered in 1 minute by:
9/30/2017
Real Estate Lawyer: legalgems, Arbitrator replied 8 months ago
legalgems
legalgems, Arbitrator
Category: Real Estate Law
Satisfied Customers: 13,351
Experience: Just Answer consultant at Self employed
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Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

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Real Estate Lawyer: legalgems, Arbitrator replied 8 months ago

I am sorry to hear this; can you tell me if the contract addressed the ceilings or any other repair issues?

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Customer reply replied 8 months ago
I reside in Florida but the home for sale is in South Carolina. The home was just inherited from my aunt. The home was put on the market 3 days before she died and went under contract the day it hit the market. My husband is the Personal rep and is also inheriting the home. He did not sign the contract to sell the home, the power of attorney signed the papers. Which we were fine with but the buyer is now trying the change things up and it is now the principal. We offered 6K and they buyers had also asked for the boat at the home worth maybe 3k, 2 days prior and we threw that in with the home for them. After that is when they stated it was going to be 25K to take out popcorn ceilings. If we back out, do the two realtors and buyers has a strong suit againt us??
Customer reply replied 8 months ago
CoThe home is fine ntract is an AS IS contract with no mention of ceilings or walls, asbestos etc in the contract before or after the inspection. Three weeks later and 3 days before closing is when they are addressing this concern. WE do not want to sell the home now on principal. If the buyer says never mind they will take it, can we back out with no repercussion's.
Customer reply replied 8 months ago
Sorry about that crazy note above, it is AS IS contract. No mention of anything at all in contract or during inspection time frame
Real Estate Lawyer: legalgems, Arbitrator replied 8 months ago

My sympathies for your family's loss.

For issues such as these, the seller is known to make disclosures regarding any known issues; for inherited property, often there are no/limited disclosures since the seller did not reside in the house and would not be aware of any issues.

Normally the buyer and seller will both sign the contract, subject to certain contingencies (ie financing, inspections, etc).

When the inspection reveals an issue, usually the buyer will either:

1. sign off on the inspection and accept the property as is

2. request the seller to remedy the issue or pay a portion of that

It is a matter of negotiation.
If the parties are not able to agree, then that contingency still remains, meaning that the contract would end up being rescinded because the "condition precedent" to the sale did not occur.

A seller is not required to fix the property unless the contract specifically imposes this on the seller.

A buyer can refuse to complete the contract if the contract was made conditional on buyer's removal/acceptance of an inspection report.

Normally there are dates by which the contingencies must be removed or the contract would go forward and if one party arbitrarily backed out there would be liability;

this could include-

1. for the buyer: buyer would forfeit their deposit so long as it is not deemed punitive

for seller

1. commission to the realtors

2. damages to the buyer (ie any appreciation; any difference in fair market value of a comparable house and the price of this house via the contract).

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Real Estate Lawyer: legalgems, Arbitrator replied 8 months ago

It looks like we cross posted; I'll wait until you review the above and then if you can post your follow ups?

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Real Estate Lawyer: legalgems, Arbitrator replied 8 months ago

Hello again; just checking in to see how things worked out;

If you have no further questions a positive rating is most appreciated (at no additional cost to you) and allows the site to credit my account for the time spent assisting you!

if you have further questions please don't hesitate to reach out to me here on Just Answerand I will do my best to get you the requested information.
Thanks!

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