Home Buying in 60061>Question Details

Gita, Real Estate Pro in Vernon Hills, IL

Can buyer cancel the contract?

Asked by Gita, Vernon Hills, IL Tue Mar 23, 2010

Hi,

Contract was signed & home inspection was completed. Seller agreed to credit little amount for the repair which we are not comfortable with, as it is related to roof leakage.

So can we cancel the contract?

Our contract has clause - If within 10 business days after date of acceptance written agreement is not reached by the parties with respect to the resolution of all inspection issues, then either party may terminate this contract by serving notice to the other party, whereupon this contract shall be null and void.

Appreciate response.

Thanks,
Gita

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Answers

9
John Walin’s answer
Hi Gita in my office....:)
I started typing and just realized this is an old question, answer is done buy not timely.

In the RANWC contract 5.0 the standard contract language automatically voids the contract unless attorneys for the seller or buyer request and grant an extension prior to the ten provision for resolving home inspection issues. So out of state agents, the Illinois contract has language to kill a deal when buyer and seller do not agree on how to adjust for home inspection deficiencies. My suggestion is to let it expire and write a new contract adjusted lower to the amount you want to pay. Unless there is another buyer in the wings, let this deal expire and write a fresh contract modifying the price.
1 vote Thank Flag Link Thu Sep 15, 2011
BEST ANSWER
Hi Gita, the clause you have quoted from your contract is the Inspection Contingency clause, and yes it protects you and gives you the option if the seller does not respond acceptably to legitimate inspection requests.

I like to describe the inspection request negotiation this way - you have the right to ask, the seller has the right to respond. A roof should not leak, if it does, it needs to be repaired. If the seller is refusing to do so, then you should be protected under the Inspection Contingency. The gray area arises when a seller responds but not entirely to the liking of the buyer - this is a bit trickier.

Talk to you attorney about navigating through this - and good luck to you!

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Wed Mar 24, 2010
Hello Gita if it was within the 10 days (remember the first full day is the day after it is accepted) then you have the right to cancel the contract. How did it go?
0 votes Thank Flag Link Mon Jul 11, 2011
Gita,
How did this turn out?

Mike
0 votes Thank Flag Link Wed Mar 31, 2010
As long as you are within the specific time frame, then the buyer can cancel the deal. The attorney shoud take care of this at the buyers request.
0 votes Thank Flag Link Tue Mar 23, 2010
Gita,
As you know, we use attorneys in Northern Illinois. You would best serve your client by allowing the attorney representing them to make a determination. These types of issues arise during the A&I contingency period on a fairly regular basis. I'm sure your client's attorney will know how to handle this.
0 votes Thank Flag Link Tue Mar 23, 2010
Gita if you are within the 10 days, then you should be able to cancel your contract. You need to di it in writing and include teh page of teh inspection with the unsatisfactory results. your buyer agent shold be guiding you through your buying process. If you are going at it alone, you may want to consult with your attorney to make sure you are within the guidelines of the contract.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Mar 23, 2010
Your agent can best answer your question--are you within the agreed timeframe...
0 votes Thank Flag Link Tue Mar 23, 2010
Gita: You answered your own question. If you are still within the 10 days that your contract states then go ahead and cancel if you want to. So the big question is what was the date the contract was signed that is the date of acceptance?
Web Reference: http://www.soreal.biz
0 votes Thank Flag Link Tue Mar 23, 2010
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