Can Buyer Cancel Contract to Buy Home - Posted by Etta
Posted by Etta on September 27, 2003 at 02:36:41:
My husband and I have signed a contract to purchase a 2nd home for investment purposes (this is not our primary residence) and due to go to closing next week. However, we are having second thoughts and want to cancel the contract. The home inspection found several problems and we wrote up a list of repairs to be done. One of which was the 45 yr old furnace in need of service and certfication. We are told by our agent the owner has serviced the furnance and received a one year certification but we have not seen the paperwork yet. Also, the owner had agreed to fix a broken window in the basement which has not been done. All the other repairs agreed upon have been completed. We really have decided the house is too small, too old, and may end up costing us more than anticipated in upkeep and repairs. We have final walk through in three days. If we are not happy with the one-yr certification on the furnace or have not seen proof of the cert, can we cancel the contract? If the window is not repaired by time of walk through, can we cancel? Is there anyway at all to get out of this contract and get our $1,000 deposit back?