Ifour buyer waived their right to terminate the contractdue to the results of a home inspection but now want out, what are our rights to the deposit?

Get Legal Help Today

 Secured with SHA-256 Encryption

Ifour buyer waived their right to terminate the contractdue to the results of a home inspection but now want out, what are our rights to the deposit?

My wife and I am selling a house. The sales contract went into effect late last month. It did not give the buyer the ability to walk away from deal. The house inspection came and cracks in the foundation wall were found. I hired an engineer who said it could be fixed. The inspector also said granite counters weredeflecting the kitchen floor seriously. That was proven false. Still, the buyers asked to be released from contract because the inspection report “wigged them out”. My agent recommended to let them go because I would get the house settled faster with someone else. Can I sue for the deposit?

Asked on November 12, 2011 under Real Estate Law, Maryland

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Good question. If the buyers of your home were aware of possible issues with it regarding foundational cracks and waived all inspection contingencies in writing, but now have changed their minds about not cancelling the purchase, I would allow them to cancel the purchase but they have to forfeit some portion of their deposit.

You want the sell the home. Hopefully there are other interested people looking at it. I would listen to your real estate agent for his or her advice.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption