Real Estate Contracts
Can anyone tell me how to break my real estate contract. I have been getting the run around from my seller. Now he won't pay for the termite inspection. I am not concerned with the $500 earnest money. I just want out. Is there a solution?
Yup.
"subject to inspection...."
or
"subject to parnter approval..."
(even if you don't have a so-called partner, it can be your wife/husband, etc)
Next: why did you pay for the inspection?
A couple of thoughts:
First, I hope your earnest money didn't go directly to seller but was, instead, deposited with an independent escrow agent.
Second, a buyer is very rarely court-forced to go through with a purchase, whereas seller is or could be.
So you can just walk without fear of anything more than a little harrassment from seller or his agent or lawyer.
Expect that to happen and just be prepared to tell whoever may call you that you won't discus this on phone so they must put any communication into writing and mail it to you...that'll defang any threats they may want to use on you.
One affirmative action you might take is to send seller your letter telling him, with copy to escrow agent, that you're not going to continue in light of his refusal to pay inspection (if he agreed to do so). And that unless he prove he's done this in next 10-15 days you're "outahere".
If you do this, keep your letter short, unemotional, unthreatening. Just factual.
And send it certified, with receipt so you can prove he got it.
Thanks for the info. I was able to back out. Since he refused to pay for the inspection, he violated the contract. For some reason the seller's mother was asking my mortgage company questions she had no business asking (she is a licensed realtor). With this kind of weird interference I had to get rid of them asap. Who knows what they would try next. Thanks again!