What can I do if I recently enter into a contract to buy a house but the inspection uncovered several tings that I didn’t like so I don’t want to buy the house anymore?

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What can I do if I recently enter into a contract to buy a house but the inspection uncovered several tings that I didn’t like so I don’t want to buy the house anymore?

The buyer took my deposit.

Asked on January 6, 2016 under Real Estate Law, New York

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

It depends on whether the contract of sale included an "inspection contingency," or a clause allowing you, the buyer, out of the deal based on the results of the inspection. If there was such an inspection contingency, then as long as the conditions or problems you found meet the criteria under the contingency to allow you to terminate the sale and get your deposit back, you can. But if there is no inspection contingency, then you are most likely obligated to purchase the house, since without an inspection contingency, it is an "as is" sale.


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