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I am a potential buyer, we have a signed purchase and sales, but cannot reach an agreement with the seller regarding the after home inspection repairs. They are now telling us they are taking the property off the market, will do the repairs themselves and will re-list afterwards. If they do so, what document do I need to ask form them so I know we are no longer bound with the purchase and sales?
Edit: To add, it is in NH.
Last edited by Djek; 06-18-2015 at 04:06 PM..
Reason: ti show location
Ask your realtor. If it's being taken off the market you should not be bound. That are refusing your offer. If you really want the place offer them full ask and do the repairs yourself.
I guess I am not being clear. It is not about the repairs, I just said that to clarify at what stage of the negotiations are we. The question is how do they legally notify me for taking the property off the market and not going further with the contract? (Asking the agent is not an option at this point, since we are using a "Dual agent" and I don't trust them they are defending my rights anymore.)
If you have a contract that is signed and agreed by both parties, but you cannot agree on repairs...that is one thing. They will have to say no to the repairs and then you decide whether to move forward with the sale or cancel.
If you have submitted an offer to them that has not been finalized and agreed by both parties, then there is no contract, and they can do whatever they want with the home without telling you. Your offer should have an expiration date, and if not you can send a notice to rescind your offer.
We have a signed Purchase and Sales, contingent on home inspection.
It's a tough situation but your realtor is the one you want to talk to. There is a legally binding contract in place as is, they can deny to fix anything and it is up to you to move forward or not. However, if they don't want to sell they can take it off the market and you would have to sue them in small claims for "damages" caused by their breach. If the repairs are necessary for financing they still have the right to refuse to repair and it would be on you to either make a repair agreement of some sort with your financing or the contract would end automatically because you failed to obtain financing.
No court or other action can force someone to sell their home contract or not.
In my area, there are 2 options for this. The form requesting the repairs has an option on it for "Terminate contract". Alternately, there is a specific form for just a general termination of the contract. But these forms are all local, so since you aren't in Idaho, I have no idea. The fact that in my area, you would use the RE-10 for this doesn't help you in the slightest.
You could call your local real estate commission office and ask them if there is a form, and what it is called, and then let your agent know you require one be sent to you and the sellers to sign.
I assume you also have earnest money in the deal. If the sellers refuse to do repairs, that is usually refundable. Have you received a refund?
I get that you don't trust your dual agent, but you should still ask him/her to draft an offer rescission for your peace of mind. Since you didn't reach an agreement after the home inspection, your earnest money should be returned to you.
Honestly, I am sorry to say that I started doubting her and I still don't get her. Thank you guys for your help. We received a letter explaining the circumstances and that seller is "taking the property off the market and putting an end to this contract". That was all we needed. Still no word on the earnest money deposit though, hope we'll get it without too much trouble.
It sounds like you have what is called a 'conditional offer'. Your home inspection did not come up satisfactory to your standards.... correct? You can still go ahead with your purchase if you waive that 'condition', however the seller can turn down any request for repairs and re-list the property should you decide not to go forward with what was initially agreed in the price. Pretty straight forward and I'm surprised an agent cannot explain this properly.
ETA: You should get your earnest money back.
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