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We are new to Canada and we are going to buy a house but we are not very familiar with the house inspection,so when we paid our deposit,the seller told us the house is all in good coindition,so we choosed to waive the house inspection on the contract.And we both signed it.But a few days later we changed our mind of the inspection and we think we should have an inspection,is that ok to change the 'waive house inspection' on the contract?The seller told us she has to call her lawyer first and we dont know if we can change it.If the answer is no,what should we do if there are some broke and leak we didnt find it before? Can anyone help us?
The house looks pretty good with 50years history ,but i cant tell if there any pluming or pipe issue inside the wall or under the ground something.
That's why you have an inspection.
The inspector knows what to look for ABOVE ground that might indicate problems underground. Even an inspection won't find every problem, but it's a buyer's responsibility to get one as part of due diligence.
If you try to amend the existing contract, the sellers could just refuse and void the deal.
> is that ok to change the 'waive house inspection'
I'm not in Canada but here in the US when you sign a contract you are bound by its provisions.
There may be some other provisions that will allow you to back out- or renegotiate- but regardless of where you are, you would be well advised to consider signing a contract a very serious matter only to be done after careful thought.
In the US nobody in their right mind would sign a sales contract without an inspection contingency. Sorry to put it so harshly.
You need to consult with a barrister. (That's what lawyers are called in UK. I don't know if Canada follows suit. In any case contact an attorney or lawyer.)
And if you appear committed, at least have the inspection done. You pay for it anyway. You may have no way out but if your inspection comes back clean you may be okay.
Note that no inspection ever comes back clean. What you want is no major stuff.
If the inspection comes back with major stuff bigger than your earnest money then I presume you can either negotiate or just accept the loss of your earnest money and move on.
The inspector knows what to look for ABOVE ground that might indicate problems underground. Even an inspection won't find every problem, but it's a buyer's responsibility to get one as part of due diligence.
If you try to amend the existing contract, the sellers could just refuse and void the deal.
So it means if we want to cancel the house inspection waive , the seller void the deal and will we lose our deposit? We have 5000 dollars deposit in seller's hand.
We are new to Canada and we are going to buy a house but we are not very familiar with the house inspection,so when we paid our deposit,the seller told us the house is all in good coindition,so we choosed to waive the house inspection on the contract.And we both signed it.But a few days later we changed our mind of the inspection and we think we should have an inspection,is that ok to change the 'waive house inspection' on the contract?The seller told us she has to call her lawyer first and we dont know if we can change it.If the answer is no,what should we do if there are some broke and leak we didnt find it before? Can anyone help us?
Let me guess, if you used a real estate sales preson, they didn't mention the consequence of not having the inspection.
It gets down to how much of a risk you are willing to take to own that particular house. Read your contract as it might say that you could lose your deposit if you back out of the contract. Nobody can force you to go through with the contract but the seller may not play nice if you don't. I would strongly suggest you push hard for the inspection, if for no other reason than to make you feel better about the purchase if you continue. The bottom line, it is your choice as to how far to push it.
Never make such an expensive purchase, or sale, without legal advice...not commissioned sales person's opinions.
So it means if we want to cancel the house inspection waive , the seller void the deal and will we lose our deposit? We have 5000 dollars deposit in seller's hand.
Here that deposit is called "earnest money," because it shows that you are pursuing the deal "in earnest good faith" and that you will follow through as you said you would when you signed the contract.
So if you previously said you would require NO inspection, and then came back and said, "Wait, we DO want and inspection," then yes, you could lose your earnest money/deposit because you wanted to go against the terms of the contract you signed. You told them you would do one thing and signed your names to it, and then tried to change the deal.
So it means if we want to cancel the house inspection waive , the seller void the deal and will we lose our deposit? We have 5000 dollars deposit in seller's hand.
Here in the US it is considered fair and proper to offer 1% of purchase price as earnest money. In the US you just offered 1% on a house selling for USD$500K.
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