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Can I pull out of Escrow/Get Deposit Back if inspector found property is not bolted to foundation?

I've put down a deposit on an investment property in Long Beach, CA.  The sale papers qualify that the sale is pending inspection.  The inspector found that the property is not bolted to the foundation.  Can I pull out of the deal and get my full deposit back, unconditionally?  Or does the Seller have the right to pay for the bolting and keep my deposit regardless of my preference to no longer purchase the property.  Please advise.
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May 30 2012 - Long Beach
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Answers (5)

How did a property ever get a certificate of occupancy without the building being secured to foundation? Who inspected this property when built?
Are there maybe special circumstances in earthquake prone areas for the way foundations are attached?
Before you run away from the property find out some answers.
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May 30 2012
Yes, this is why inspections contingencies are there. To ensure that the property meet expectations and if not, y.athe buyer will be able to get out without loosing anything.Your agent should have esplained and help with
this issue!
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May 30 2012
Simply put...YES....Assuming you used the California Association of Realtor (CAR) you have 17 days to perform inspections and inform seller of requested remedies.  If the seller doesn't wish to comply simply ask that the seller sign a cancellation....also a CAR form.

If you are doing a sale without that particular form but still had an inspection period you should be able to inform the seller that the property did not meet your standards per the inspection and have escrow prepare a cancellation to get your deposit back.

A good faith deposit is just that...In good faith typically pending due diligence....inspection.



Terry Dyer Realtor
Broker 01144254
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May 30 2012
If you have a Realtor, talk to your him or her about the situation and they can provide you with some guidance. If you're purchasing on your own, then check the language in your purchase agreement. The standard purchase agreement in California provides a contingency period during which the buyer can perform inspections and investigations and within which the buyer can cancel for any reason. If your contract has been written with what are usual terms, then you would be able to get your good faith deposit back minus any fees or costs that escrow incurred on your behalf. (Some escrow companies will charge a cancellation fee, but many won't.) If you prefer to make an effort at negotiating repairs or upgrades with the seller first, you could do so. One quick note -- many older properties in Long Beach haven't been bolted to the foundation and it's not required for them to be retrofitted.
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May 30 2012
Dear Buyer,

Depent on the Agreement Contract between buyer and seller, We assumed that you purchase this property without a Realtor representing you ... If you do have Realtor whom is representing you, then as a standar practice he or she already had you covered under California Association Of Realtors (CAR) - Residential Purchase Agreement and Joint Escrow Instructions Form - Page 4 - Paragraph 10 (Buyers Investigation Of Property and Matters Affecting Property) ... Ask your Realtor to help you with this problem first.

If you don't have Realtor whom is representing you then you can NICELY offered to working this problem out with seller ...

Good Luck
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May 30 2012
 
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