Home Buying in New Salem>Question Details

hiker.cherylm, Home Buyer in New Salem, MA

If a property has title 5 problems can the buyer back out?

Asked by hiker.cherylm, New Salem, MA Mon May 27, 2013

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This question was asked from this property: http://www.trulia.com/property/3117568169-547-Daniel-Shays-H…

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3
You can close on a property without passing title V. You may have trouble financing it as most banks require it.

As to backing out there should be a clause in your offer typically the same as you would for any inspection and or any other contingencies

"Offer is subject to a satisfactory inspections and approval of the premises by the buyer and or their agents on or before x date. Subject to seller providing a Title V certificate satisfactory to the buyers lender. Subject to a mutually acceptable purchase and sales agreement. (if condo) subject to review and approval of the condo documents and budget and seller providing a 6d certificate"

Above is what I provide, check with your buyer agent and or attorney as to what they use best to protect you.

Louis
0 votes Thank Flag Link Tue May 28, 2013
Thank you Louis!
Flag Tue May 28, 2013
I believe you can because it is a title problem. You cant close without a passable title five. In most standard contracts the seller has 30 days to remedy the title imperfection.
0 votes Thank Flag Link Mon May 27, 2013
Probably, but without too much other detail this would be best answered by an attorney. Hopefully you have one representing you.
0 votes Thank Flag Link Mon May 27, 2013
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