ArcaMax

Q: We signed a contract to purchase a home. It seemed to have an issue with moisture in the crawl space. So, we had a home inspection. The inspector couldn’t gain access to the crawl space, as the access was too small and he was too big. He noted in his report that there was extensive dampness and evidence of standing water in the crawl space.

He recommended that we have the crawl space evaluated by a qualified contractor for repairs to keep the crawl space dry. When we told the seller, the seller objected to the language suggested by the inspector and only wanted the crawl space evaluated by a contractor. The seller agreed to make recommended repairs for moisture control and to prevent any standing water in the crawl space.

I have severe mold allergies, and I’m concerned. I want to get out of the deal. I think they’ve had this issue for quite some time. How do I get out of the deal without losing my deposit?

A: You signed a contract that gave you the right to inspect the property. We suspect the language in the contract that gave you the right to inspect also gave you the right to walk from the deal if that inspection found issues or problems with the property.

You need to follow the terms of the contract. Some contracts around the country simply say that if the buyer is not satisfied with the inspection of the home, the buyer can notify the seller that they want to cancel the deal and get their money back. Other contract forms say that the buyer can only get out of the deal if a major component or other serious issue comes up during the inspection. A third type of contract provides that the buyer must notify the seller of a deficiency and the parties then can agree to the resolution of the issue before the buyer can walk from the deal.

You need to understand what your contract says and what time limits are specified that allow you to back out of this purchase. For example, your contract may say that you have five days to inspect the property. You then can notify the seller of your disapproval of the condition of the property during that five-day period. If your contract has this type of language, you must notify the seller within those five days that you want out of the deal. Unfortunately, most buyers are not informed of the timing and can blow past this deadline. Then it becomes much more difficult to cancel the contract.

We suggest you review your contract as quickly as possible, understand the dates you are working with and, if you are within the time allowed, notify the seller that you want out of the deal. Again, you must follow the contract requirements in how you notify the seller of your right to terminate the contract.

Some contracts will require you to notify the seller or the seller’s attorney by fax, email, mail or personal delivery. For example, some contracts will tell you that if you send a notice by mail, the notice would be effective a day or two after posting. So, you shouldn’t mail the notice if, for example, today is the final day to notify the seller that you’re canceling the deal. Make sure the seller or the seller’s agent gets the letter today and you get confirmation that the seller or their agent received the notice of termination.

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(Ilyce Glink is the author of “100 Questions Every First-Time Home Buyer Should Ask” (4th Edition). She is also the CEO of Best Money Moves, a financial wellness technology company. Samuel J. Tamkin is a Chicago-based real estate attorney. Contact Ilyce and Sam through her website, ThinkGlink.com.)

©2024 Ilyce R. Glink and Samuel J. Tamkin. Distributed by Tribune Content Agency, LLC.