Posted by Brian (UT) on December 29, 2005 at 21:37:40:
Alex
I don’t agree with your attorney.
As long as your rejection is based on the inspection and what it revealed, it is reasonable to declare the property as being in unsatisfactory condition.
After all your price for one thing was based on what you thought the condition of the property was and if the inspection shows a substantial difference then that is reason to reject the present price.
Also if you were out after receiving the inspection report trying to get the financing, that could be interpreted as the inspection was actually acceptable to you.
After signing a contract with the seller I then exercise my due diligence and if I find a fatal flaw with the property or the deal just falls apart, I will have an exit strategy thanks to my inspection clause BUT my attorney states that getting out of the contract wouldn’t be that easy because I’ll be expected to set forth a good faith attempt to secure financing for the property. Even with any other clauses I place in the contract, he states that it would be difficult to just cancel the contract without the seller wanting to sue. How do I get out? This goes against all the courses and books I read and seems impractical so I ask your experienced opinion.