I have agreed to buy a house, subject to the contract (I haven't signed anything yet). But after doing the survey, I felt dissatisfied, and told the vendor that I want to cancel the purchase.
The vendor asked to read the survey, and afterwards, he sent me a letter, refuting every criticism in the survey. He assured me that everything with the house is fine.
I'm not sure how to respond. Does the vendor mean to force me to buy it? How can I pull out?
2007-11-30 00:14:22 · 16 answers · asked by Anonymous in Business & Finance ➔ Careers & Employment ➔ Law & Legal
Assuming you're buying in the UK, yes you can pull out, that's why it's sold "subject to contract". You had the survey and you're not happy with it - you're entitled to pull out on that basis - that's what you had it done for. You can even pull out after exchange of contracts although there'll be a financial penalty. At the moment you can walk away from the purchase without any further financial outlay.
However, be aware that many surveyors have to justify their existance and will make a meal of every point ie say "there may be the presence of woodworm" Most older houses have evidence of this and other things - what you need to find out is whether or not the problems raised have been rectified.
If they haven't and you still really want to buy the house, you could re-negotiate the deal - or ask them to get the items raised rectified before you exchange.
But whatever's the case - no you don't have to buy. You just say to the selling agent you don't want it. If it's a private deal - go via your solicitor rather than facing the vendor as it could get heated by the sounds of it.
2007-11-30 00:31:46 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You say you haven't signed anything yet. If you haven't signed an offer, then I'm not sure what "contract" you are talking about. But if you did sign an offer, just haven't signed the closing papers yet, you can't pull out unless there were contingencies in the offer that cover your objections - othewise you would lose whatever deposit you've already put down.
You mention a survey - unless the survey showed for example that the house was built too close to the lot line or something like that, I don't know what a survey could show to cause your concern. Are you talking about a home inspection, not survey? You don't really give enough info here on the issues to allow anyone here to help you - if you post again with what the issues are, you can get better answers here. If significant problems were found, it's fair to expect the buyer to take care of them. By vendor, are you talking about a real estate agent? They don't usually have the knowledge that a home inspector would have.
2007-11-30 02:17:00 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
If you have not signed a real estate contract, then you are not obligated to buy anything.
If you have signed it, conditioned to an appraisal and survey, and it comes back with a problem then you can back out as well.
If you have signed it without such a condition, you may loose whatever binder deposit you put up and be open to potential litigation.
But, keep in mind that most real estate contracts indicate the the seller has to provide a clear title and survey. If that is the case and you can prove that is at issue here, then you are also off the hook.
Call a title company that is run by an attorney. They are all over the phone book. Make an appointment and take the attorney a copy of the survey and the contract. The attorney is the best one to advise you on your rights.
Most title attorneys would do a meeting like this for free or a nominal fee.
2007-11-30 17:51:06 · answer #3 · answered by wcowell2000 6 · 0⤊ 1⤋
There's no way the owner can do anyting. Since you've not signed a contract or put down a deposit there's nothing he can do.
Though you entered a verbal agreement, it was on the basis that the house passed a structural survey. Since it failed the survey you are under no legal obligation to go further. If the owner is stupid enough to attemp to forece you to purchase the property he won't get anywhere in court and would likely loose the case and have costs awarded against him.
Inform him in writing that as per your verbal agreement blah blah and the survey resutls were as attached that you have decided not to proceed with the purchase. Get 2 copies have at least 2 independent witnesses read the letter before sending it. Send it via certified/registered post that requres him to sign for delivery.
2007-11-30 00:28:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No you do not have to buy. Ignore what the vendor says, he just wants to sell and isn't a surveyor. Most people would just carry on trying to sell than write to everyone who has an unsatisfactory survey. I'd say steer clear as your first survey was probably only for 'valuation' - goodness know what a thorough structural survey would show up!
You are under no obligation to respond to the vendor, nor were you under any obligation to show him the survey!
Move on from this one - I hope you find what you are looking for soon!
2007-11-30 04:49:50 · answer #5 · answered by groovymaude 6 · 1⤊ 0⤋
Generally, when you put in an offer on a house, you have to sign an offer sheet. This gives you contingency's for which you can pull out of the deal if the offer is accepted. There will be a list of common contingency's on the offer sheet that could be use. A common contingency is financing. Whenever I put an offer into a house I always put financing at a ridiculously low rate (lower than is possible) as a contingency that way i have a no hassel out on the offer if I change my mind. A home inspection is a very common contingency. But generally if you give the home owner "right to cure" then as long as they fix any problem you are still on the hook to buy the house. Most people never give "right to cure" because it gives the seller lots of leverage in closing the deal. I personally give "right to cure" because I use the financing contingency as my out, and "right to cure" strengthens your offer position to the seller.
What you need to do is look over your offer sheet and find a contingency that lets you out of the deal. If you can't find one then you may lose any "good faith" money you put down at the time of the offer. But they can't really force you to buy the house. Legally, they could, but it would never hold up in court and it would cost the seller/realtor more than it is worth. Plus it would totally trash the reputation of the realtor.
Good Luck
2007-11-30 00:28:08 · answer #6 · answered by Ryan M 3 · 0⤊ 2⤋
Since you have NOT signed any contract, there is nothing to cancel and you can tell the vendor that you are not interested !!
All agreements are not contracts but all contracts are agreements !!
A Contract is an agreement enforceable by law, and an agreement alone is not enforceable if it has not been converted into a contract !!!
2007-11-30 01:19:17 · answer #7 · answered by V.T.Venkataram 7 · 0⤊ 0⤋
No, they can't force you. Frankly the vendor is taking the mick if they are expecting you to take their biased word against the advice of a professional surveyor. Just inform the estate agent you are withdrawing your offer, and then follow that up in writing.
2007-11-30 00:53:02 · answer #8 · answered by Where's Spot? 4 · 1⤊ 0⤋
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2017-02-28 03:27:26 · answer #9 · answered by ? 3 · 0⤊ 0⤋
If you're buying in England you can pull out at any time without penalty as long as you haven't exchanged contracts.
Once you've exchanged it'll cost you a minimum of 10% of the purchase price to pull out.
2007-11-30 00:23:48 · answer #10 · answered by Anonymous · 1⤊ 0⤋