Terminate House contract

[bean03]

Status:

I am the buyer.

I have signed Purchase and Sale contract for a 4 yr old house.Inspection was done and a structural issue (bowing crack in the pilaster wall) was found in the basement. It was further reviewed by my certified structural engineer and he also confirmed the same. It can be surely fixed/cured but I do not want to buy this house due to this deficiency and want to terminate the contract.

Seller is not willing to terminate the contract as he is willing to fix this issue and is still a "habitable" property. He is going to get it reviewed by his structural engineer from his house warranty company.

My attorney thinks it will not be possible to get out if he is willing to fix the issue. Per contract I can terminate the contract only if seller does not fix any issues found in the inspection.

But I still want to terminate the contract as I am not comfortable with this issue as this is not a small cosmetic problem and it is a structural issue.

Can I still terminate the contract based on this structural issue/deficiency in the house ? I have already given two deposits : $1000 and $25,000.

Thanks
Bob

 

[lwpat]

Yes you can terminate but the seller can sue you for breach of contract. Usually that means he will keep the deposit but he can demand that you complete the purchase.