Home Buying in 19124>Question Details

Mukesh Yadav, Other/Just Looking in 19341

how many days do i get to terminate the contract after the house inspection?

Asked by Mukesh Yadav, 19341 Mon Jun 22, 2009

Help the community by answering this question:


This should be in your agreement of sale and your agent should have this answer for you.Hopefully you are being represented by a buyers agent,..Remenber time is of the essence. Everything must be done in writting in Pa..Good luck..
1 vote Thank Flag Link Wed Jun 24, 2009
Hannah is right. Read your agreement of sale. It states exact number of days there.
0 votes Thank Flag Link Tue Dec 27, 2011
Mr. Yadav,
Your tenants at your gillingham street property are throwing their garbage and trash out in the back yard and the alleyway; this is a fire hazard and a huge sanitation issue.

Mr. Yadav; please ask your tenants at your gillingham street property in phila, pa 19124 to please bag their garbage properly and put their trash curbside every tuesday; currently they are throwing their trash everywhere and anywhere. Neighbors are being ticketed because of your tenants.
0 votes Thank Flag Link Tue Dec 27, 2011
Hello Mukesh! For PA the standard time line to get, negotiate or terminate the agreement of sale for the purchase of residential real estate is 15 days. This means everything needs to be done within this timeline. The timeline starts once the last initial and date is noted on the contract and the days are calendar days on business days. Hope this helps you. There are some other deadlines that could effect this timeline and some other conditions that you may have selected in your offer IF you are working with a Buyer Agent and not trying to purchase the home from a For Sale by Owner on your own. You should also find out if the Home Inspection is being conducted under Option 1 or Option 2....as this can also impact how you reply to the home inspection report to the seller. I hope this helps...let me know if you have any other questions.
0 votes Thank Flag Link Tue Jun 23, 2009

Consult with your Realtor. Read your contract. All dates and times are stated in the Agreement of Sale. If you have not yet entered into an agreement then you should note that the standard PAR form contract defaults all inspection dates to 15 days, another 7 days for the seller to reply and a final 5 days for you the buer to accept or teminate. However you can negotiate any number of days that is agreeable to the seller. Engage a Realtor as your Buyers Agent. They will be able to answer your questions, protect your interest and help you craft an offer with the best chance of being accepted.
Web Reference: http://www.franandmark.com
0 votes Thank Flag Link Mon Jun 22, 2009
You have a contingency period for all inspections additional to your appraisal, loan, or other contingencies negotiated. Within the specified time for your inspections contingency, prior to end date for inspections contingency, you may cancel your purchase agreement and retrieve your earnest money deposit from title company withdrawing from escrow. The way you do this is to consult first with your broker agent your concerns and review the inspection report with them. Communicate your concern. Sign a release of contract your broker/agent will provide. This will need to be signed by seller and seller's broker before the title company can release your earnest money deposit to you. After consulting with your broker/agent you will possibly have peace of mind and understand your inspections reports with more clarity and illiminate any fear that you have, therefore, be able to continue the process to close of escrow with peace of mind. If after discussing, and you do not still have peace, no other explaination needed as long as you are within your proper timelines of your agreed inspections contingency. It is alot more difficult once your contingency has been waived with no further concerns and although a contract can fall apart at any time until close of escrow, there could be costs in liquidated damages to forfiet your earnest money deposit or even arbitrations if negligience is claimed by the other side. That is why time is always of the essence through out the whole contract. Buyer and seller both have their needs in the transaction. Saundra
0 votes Thank Flag Link Mon Jun 22, 2009
When your agreement of sale was fully executed( signed), your Buyers Agent should have given you a list of timelines. Timelines for home inspection, other inspections and mortgage commitment go off that date. The agreement talks about this topic in Time of the Essence 5A- 5D. Talk to your buyers agent and they should tell you of all the dates. If you didn't have a buyer's agent, you should consider obtaining one for any future real estate transactions. Buyer agency is true representation and missing important dates can cost you!

Emily Landis Torres
Re/max Central- Lansdale
215-362-2260 ext 1793
direct: 267-640-2327
email: emily@emilyshomeinfo.com
website: http://www.emilyshomeinfo.com
0 votes Thank Flag Link Mon Jun 22, 2009

If you have a buyer agent then he/she will be able to tell you. It should be in the Agreement of Sale.

Renee Porsia
Associate Broker
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
0 votes Thank Flag Link Mon Jun 22, 2009
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