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i JUST RECEIVED THE SURVEY ON A HOUSE I WANTED BUT THERE ARE MANY PROBLEMS..CAN i BACK OUT?

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Submitted : 2018-06-15 01:47:55    Popularity:     

Tags: SURVEY  RECEIVED  HOUSE  PROBLEMS  WANTED  

If the contract was contingent upon a clean survey, you can back out without penalty. Otherwise, if you do, you will be sued for strict performance and it will

Answers:

If the contract was contingent upon a clean survey, you can back out without penalty. Otherwise, if you do, you will be sued for strict performance and it will cost you a whole lot of money to defend yourself and you will lose.

What are the problems? If the contract was contingent on the survey then you sure can. If there are clear boundary issues you can probably force the owner to repair the problems (without diminishing the size or value of the property) or release you from the contract. You may want to repost the question with the specific issues for better advice but ultimately you may want to simply ask for the contract to be released at no cost to you and consult a real estate attorney if refused.

Maybe.

It depends on what the problems with the survey are and what your purchase agreement stipulates.

Depends on the problem. Most common is an encroachment. Either your driveway is on the neighbors property or just the opposite. A neighbors fence or driveway is on your property.
If financing you won't get the loan until it's corrected. If cash you would need to attempt to resolve the issue. If you can't then most likely you can cancel, but it depends on the purchase contract.

Yes you can in Britain if you haven’t signed a commitment to purchase or your offer was subject to survey

that depends on whether u signed legal documents

Tietysti



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