Seller and realtor insisted I meet with his electrician and inspector

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Seller and realtor insisted I meet with his electrician and inspector

I made an offer on a home, no earnest money was asked. I hired an inspector to
look at the home and discovered none of the electrical was grounded due to the
age of the home. The seller and my/his realtor insisted that I meet with the
seller’s electrician and inspector. When I met with them, they both insisted the
home was safe despite the safety hazard and even were so bold as to tell me it
was safer than having up to code grounded wiring in a home. I no longer feel
comfortable dealing with these people and just want to back out of the entire
deal. What are my options? I do not want to be sued.

Asked on June 9, 2016 under Real Estate Law, Arkansas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Based on what you write, I assume there is a signed written contract: if so, and you back out, you could potentially be sued for 1) any expenses the seller incurred due to the sale (e.g. if he paid his electrician to show up and talk to you; if he hired a lawyer to help with anything after you signed the contract) and possibly also for his carrying costs for carrying the home until he finds a new buyer--e.g. if his totally monthly cost is, say, $2,500 in taxes, mortgage, utilities and insurance and you should have closed in August, but because he needs to re-market the place and find a buyer, he does not close with someone else until end December, he could seek 4 months of $2,500 each in carrying costs, or $10,000, from you.


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