How can I terminate a purchase agreement after the home inspection has been accepted?

Asked by Ssc116, Mars, PA Wed May 9, 2012

Mold was found during the home inspection and the seller was asked to clean for the inspection to be accepted. After reviewing the mold report, I decided I no longer wanted to purchase the property. A termination letter was sent to the seller but the seller has not accepted it.

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Gina Loebell…, Agent, Butler, PA
Thu May 10, 2012
An agreement of sale is a contract, therefore it is best to consult a lawyer before termination to determine what liability you may have. Has the seller accepted the responsiblity for cleaning the mold? If so, and they can prove that the mold has been remediated, he or she has fulfilled that responsibility. Have all the other contingencies of the contract been met? Depending upon how the contract was completed, you may only stand to lose your hand money. I do hope that you are working with a buyer's agent who will guide you through this critical time in the contract.
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Carlos Barron, Agent, La Mirada, CA
Wed May 9, 2012
It is really important that you and your real estate agent understand the purchase contract and follow the inspection contingency cancelation clause to the letter. In California, the California Association or Realtors purchase contract spells out exactly what must be done and I would bet the PA one does as well (assuming you used a standard state or Realtor association contract). Make sure you do everything in writing and keep a good record of all emails and conversations. If you think there may be a problem, you sould seek legal advise from a real estate attorney.
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Michael Mars…, , Mars, PA
Wed May 9, 2012
I'd like to have a little more information to try to help you out. When you replied to the inspection report, your addendum to the agreement required that the seller 'perform' a specific action (clean the mold to a minimum environmental level) correct? Have you received proof that the seller performed that task?
Are either you or the seller currently represented by a real estate professional or attorney?
0 votes
We (my agent and I) did ask for the mold to be cleaned. To my knowledge, there has not be verification that has been completed or how it was/will be completed. My agent has told be the sellers are looking into attorney representation but has not officially hired an attorney and recommended that I do the same.
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