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Answers (2)
Best Answer
- sunnyview
- Contributions:25127
If you are putting a lot of money into repairs, you need to make sure that your contract is airtight. You might consider asking your agent or an attorney if you can place a lien on the property for the value of the repairs that you make if the seller unexpectedly backs out.
Usually, they don't and their agent will keep them on track toward the close, but you have to make sure you are protected going in. A good contract should do that.
Usually, they don't and their agent will keep them on track toward the close, but you have to make sure you are protected going in. A good contract should do that.
- Dwayne & Maryanne Moyers, "MoyersTeam"
- Contributions:354
This is a tough question to answer without the contract in front of us to review. If you are represented by a Realtor you should make him/her aware of your concerns. You should also be working closely with your lender to make sure you're only making repairs which are required by your loan. Usually all structural, electrical, & plumbing must be in good working order to qualify for any loan type. Once again, your agent should be made aware of your concerns and addressing them. If this contract is written on a standard jurisdictional agreement make sure you pay close attention to all contengencies which have become part of the agreement since the original contract date.
Can a seller back out of a signed Agreement of Sell??
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