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 Joint mortgage? |
hi
there is not enough equity in our home for my ex to give me the sum of money he promised he would.
As he promised me a sum of money, i had put in an offer for a new house, with me ... |
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| Advice on taking on a 100 year old house? |
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| My partner & I have recently seperated. The house is in my name but we have a joint secured loan & a personal loan. He is refusing to move out until I either sell or remortgage to clear the ... |
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| Theres a 22 year old Mexican Kid who has been in the business 4 years, ever since he was 18. He is the top producer closing 70 deals per year the last 3 years and he does little advertising. The ... |
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 Can anybody help me... I moved into a student house two months ago and signed a contract until the end of? |
| July. problem is i have come into money problems and can no longer pay my rent. i told my landlord this and she basically said... u need to find someone to take over your lease... if you dont then u ... |
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 Should I pay it off? |
| I have a mortgage left of 60k which I pay 6.125% . should I pay it off if I could. If I do ,I won't have much to fall back on if I need an emergency fund.My wife is barely working so I am very ... |
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 Submitted a 60 day notice and 8 days later told them that I did not want to move out.? |
| I gave them the 60 day notice on the 10th and called them back on the 19th and told them that I didn't want to move b/c I accepted a permanent position at my current job. They said that they ... |
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whatever | Can the seller back out of the house contract due to the insurance contingency? |
When we wrote the contract to buy the house, our agent put a clause in there saying that if there were more than $1000 of damages found on the house by inspection, then the seller would pay for it. Well, what do you know: the inspection was done and there is a whooping $6000 worth of damages on the house. Does the seller HAVE to pay this, or can they back out of the contract? The house is in PA.
Thank you for your answers. |
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estielmo
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duhhh.... That's why contingencies exist. ...sheesh... They can always be waived, but that's why they exist in the first place, to give the parties an "out." |
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Monkees (Mom to Emma!)
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I'm pretty sure the buyer can back out based on the results of the inspection alone. So, yes, they could back out based on the fact that they'd have to cover $5,000 worth in damages. |
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acermill
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Without reading the legalese of the contract, it's difficult to provide a qualified response. However, most standard real estate contracts will not require a seller to pay such costs. The language typically indicates that the seller may back out of the contract OR pay the costs of the repairs. As well, many contracts indicate that the seller has the option of having the repairs done by either themselves or the contractors of their choice.
It would be unusual to find a clause requiring a flat payment on the part of the seller, since repair costs and estimates might tend to be inflated. |
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goz1111
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Very fact specific, best bet is to spend a few hundred and have a lawyer in your area review all the facts
In general if you made and offer with the contingency and the seller accepted the offer with the contingency it should be enforceable, Now reality if the seller refuses to go ahead with the 6K since they where probably not properly informed what could be their potential liability with that clause inserted by your side, your recourse is called specific performance i.e. forcing the seller to perform the contract, very expensive litigation i.e. need to consult a lawyer |
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Auntie Mame
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Now that the seller has knowledge of these defects, he must disclose them to all future buyers.
I'd let him out of the contract for my expenses plus say $1,000. He has enough problems. |
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Fort Sill Army Wife
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We just purchased our home and was given a 500 limit for repairs, when we signed our contract we were told that if the repairs were over 500 the rest would come out of our pockets not the sellers, if we didnt want to pay the difference above 500 that we could back out of the contract with no penalty and receive our earnest money back. Thank goodness nothing was wrong with our inspection |
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☼AstrologerJuliAnne☼
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I am thinking they can back out. I wonder if the wording in the contract is more like if the house doesn't pass inspection or has more than $1000 worth of damage etc, that the seller would pay to have these things fixed. This doesn't mean he has to sell you the house still or even fix these things. I would either try to negotiate the price down more, or walk away with your deposit, since you couldn't come to a fair conclusion. |
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Lisa S
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I've never seen a contract that said if it's more than $xxxx the seller will pay. It's usually if the repairs are more than $xxx, the buyer has a right to back out and get the earnest money back. The buyer can go back to the seller and see if they will re-negotiate the repairs, but they usually do not have to. However, like the other poster said, since the seller is now aware of the specific problems, they must disclose them. It may be in the seller's best interest to re-negotiate the repairs. |
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A D
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As noted by other posters, IF the contract wording is as you show, it would seem that the Sellers are obligated to do the repairs.
Generally speaking, there are few instances where a Seller can terminate the contract. The Seller may not be *obligated* to do something, but the right to terminate the contract is usually the Buyer's choice. I am referring here to the way the typical residential real estate contract in TX reads.
I was very surprised to read that the Sellers had agreed to do repairs that were in excess of $1,000. I am used to seeing wording that would read "up to $1,000" or whatever the agreed amount of repairs allowance. It's hard to imagine $6,000 in "damage" that was not known by Seller or evident to Buyer. And, what is the definition of "damage"? |
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realtor.sailor
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It depends on what your contract says. Most of the inspection clauses favor the buyer. Presuming the seller signed the contact he is obligated to perform according to the contract requirements.
realtor.sailor |
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