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what if after the inspection i determine that there are too many costly repairs and i do not want to go through any further hassle, i want in ready move in comdition. can i walk away cleanly from the deal if all of the papers that i signed are contingent on inspection. i really do not want this home after reading the inspection.
Asked on June 13, 2009 under Real Estate Law, Ohio
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
That depends on exactly how your contract's inspection contingency is worded. The laws governing real estate contracts can differ somewhat, from one state to another, and even within one state, different versions of these contingency clauses are sometimes used. It may also depend on just what the inspection report shows.
You have a lot at stake here, and a mistake can be expensive -- and sometimes that mistake is doing something the wrong way, when there was another way that would have protected you. It's well worth the legal fees to have a lawyer in your area review all of the facts, and give you advice you can rely upon. One place to find an attorney is our website, http://attorneypages.com
In your situation, you may need to give notice in writing to walk away, and that notice may need to say something specific; it might also need to be delivered in a certain way (certified mail is sometimes required), and there may be a deadline. Don't wait to look into this!
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