How to get of contract to buy ?

Question

Hi I have a contract that went thru 3 days of attorney review in NJ and is in full effect.
It is for a condo in a very old building. I just found out how old today when the home inspection was done.
I thought the building was from 1920s, turns out its from 1888 !
I have decided that the condo is way too much money and want out of the contract.
I have 2 contingencies on buying the condo. 1 is getting a loan (I'm already preapproved so I dont think I can use that to get out), the other contingency is the home inspection.
My home inspector told me that the water heater is leaking and needs to be replaced, that the heater wasn't firing and needs to be serviced and the toilet seal is leaking and needs to be serviced/ replaced. Also he says that although the oil tank was removed that the old leads for it are still in basement.
Are these problems enough to walk from the building & the contract ? I was serious about buying the place but it's overpriced by 30k & I don't like how old it is

I should add that my real estate agent is single minded in his pursuit that I buy no matter what.
He is supposed to represent me, not the seller's but he is a salesman, not concerned about worries I have.

Everytime Ive raised a concern he brushes it off or reminds me how much I will love the place

The MLS listing sheet has the building listed as 85 yrs, when its actually 117 yrs old.
My lawyer says its up to me if I'm not satisfied with the home inspection.
He said the fact that theres remnant fuel lines from a removed buried fuel tank could be a concern I could cite to walk.
(it's an environmental risk even if tiny amounts are still in lines after many years.)

Answer 1

tear it up and walk away

Answer 2

There are some serious issues here. You do have an inspection contingency, so you shoudl be able to use that. On the other hand, depending upon the law in NJ your seller may be able to offer full repairs and keep you bound to the contract. On the other hand, pre-qualified loans go south all the time, and it's not usually too difficult to ensure that they go south.

If the seller or their agent misrepresented the age of the building, that may be grounds to get out of the contract. On the other hand, where was your buyer's agent while all this was going on?

Now, just because it's not as good of a bargain as you thought is not, in general, a reason for voiding a contract. As a matter of fact, without a reason acceptable to a court, the seller can not only keep the deposit plus sue for legal expenses and other damages, but also specific performance (i.e. make you buy the property).

Go over your contract with your agent and a lawyer. Any money you spend for that will be money that is well invested.

Answer 3

If you back out you will lose your deposit and may be liable for further damages in court. The problems with the home are not major. Even though your purchase is contingent on the inspection, only a major problem like structural damage will actually get you out. The legal term for this is "material." If the problems are so "material" that they would cause a reasonable person to not buy the place. You may or may not be able to negotiate a little to have them repaired or price reduced accordingly, but they will only be worth a few grand.

The true reason that you want to back out is buyer's remorse. That's no reason to legally get out of a home purchase contract. You have two choices, buy the place or lose your deposit and possibly pay more in damages in a civil suit. I suggest you take the place, get it fixed up, and try to enjoy it. Make the best of it.

Believe me, it's probably not as bad as you think. Many people feel buyer's remorse.

Answer 4

I would say that you are not purchasing based on the problems found in the home inspection. I don't think you would need a lawyer unless they actually sue you for breech of contract. They might threaten to do so but don't give in. If they actually sue you, get a lawyer and counter sue for legal costs. It sounds like the building is old and not in good condition and they don't have a case. Good luck.

Answer 5

Did the current owner or owner's agent misrepresent the age of the building? That could be grounds for voiding the contract.

Regardless, you should be able to simply reject the contract based on the inspection. Don't raise the possibility of remedying anything and don't accept any offer they may make to remedy.

Answer 6

Everything that the home inspector found are not considered serious. Sorry you didn't check the age of the building out before you signed. You can't just tear it up. You need to seek legal advice. You are in a legal binding contract.

Answer 7

You have to check with the laws in your state. Talk to your Realtor, about your concerns, they should know the loopholes. In my State, you would have to ask them to fix every stupid little thing that the inspector found, if they don't fix even one item, then you would have the option to cancel the contract, however if they say that they will fix everything then you are bound to the contract. Each state is different though so consult with your attorney or your Realtor.

Answer 8

You are not satisfied with the inspection results. That means you can back out of the sale under the inspection contingency.

Answer 9

You better seek legal help in your area. If the seller wants to bind you to the contract, you'll need all the legal aid you can get because the ball is in his court now.

Answer 10

Normally in most states, even after you have signed a contract, you have a 3 day recession process wherein if you change your mind about the purchase, you can back out.

Darryl S.

Answer 11

yes girl you put home inspection that means what ever you don't like than you can use plus know plus talk to your Realtor about it and know this it cost you nothing to use a Realtor to buy they get commission off the sell. from the seller and if you don't have one but the seller does he gets more money from the sale so you aren't saving him any money