We are selling our older home and buyers want us to remove and replace limited knob and tube wiring due to the fact that we have made many updates do we have to?
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We are selling our older home and buyers want us to remove and replace limited knob and tube wiring due to the fact that we have made many updates do we have to?
The knob and tube is limited due to many improvements we have made. We had given them $15,000 off list price plus did all repairs requested in their inspection report including having a licensed electrician ground some outlets check the electric panel and he certified that it is not a problem. We are also going to asbestos abatement for $5,000. We are about to let them walk away but closing is supposed to be the end of the month on this house and our new house.
Asked on August 4, 2018 under Real Estate Law, New Jersey
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
If there was no inspection contingency, you did not have to do anything at all: they were in that case buying the house "as is" and if you voluntarily gave them something, they are ahead of the curve.
If there was an inspection contingency and you and they have alreasdy agreed to as to what would satisfy it--e.g. the $15k off list and asbestors abatement--then they are limited to that; they cannot come back and ask for more. (Well, they can *ask*--anyone can always "ask"--but they have no power to force you to give them more.)
In the above two cases, if they walk away, you would be entitled to keep their deposit or earnest money; if you incurred provable losses or costs significantly in excess of the deposit, you may be able to sue for the surplus and should discuss that with an attorney.
If they have an inspection contingency and there is as yet no agreement as to what satisfies it, they could choose to use it to walk away, so long as they are in compliance with any dates, deadlines, or other requirements.
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