Posted on: 27th Jul, 2010 06:26 pm
We put in a purchase agreement on a home last Friday. We had the home inspected today, and there were many minor problems, and we found that the house in general was not built well. We want to get out of the agreement, and have asked for our earnest money back. Keep in mind, the agreement was signed less than 72 hours before inspection. When we showed up for inspection, the sellers had already packed almost all of thier things, there was a sold sign in front, and they had already rented a storage space and signed a lease on an apartment. We want out, because we don't want to buy a crappy house. Do we have a right to our $5k earnest money deposit?
By the way, the seller came home while the inspector was locking up, he told the seller there were no major issues, and of course that is what they are sticking to. Any advice?
By the way, the seller came home while the inspector was locking up, he told the seller there were no major issues, and of course that is what they are sticking to. Any advice?
Hi Guest,
It is not mandatory for you to buy the property. If 72 hours haven't passed since you've signed the purchase agreement, then you would be able to cancel the deal and get back your earnest money. However, if the 72 hours have passed, then you may not be able to get back the earnest money from the seller after you cancel the deal.
It is not mandatory for you to buy the property. If 72 hours haven't passed since you've signed the purchase agreement, then you would be able to cancel the deal and get back your earnest money. However, if the 72 hours have passed, then you may not be able to get back the earnest money from the seller after you cancel the deal.