Can I opt out from a signed final accepted offer to purchase a house due to real estate agents pressure or seller not agreeing to make repairs as per inspector's recommendations?

Goulliangoullek (12 months ago) - Hull, QC
(10 people answered this question)
  • Realtor Pro   (12 months ago)
    http://www.tinamcquaid.com/ Finding Your Way Home

    This is an interesting question.
    With any offer, there are a number of conditions that can be presented that are there to protect you, the buyer. These include a condition that you receive financing, like the inspection, and for condos, have a review of the status certificate. If any of these items are not completed or you feel that the property does not warrant your purchase, you have the ability to walk away from the deal.
    1) In the case of the inspection, if there are major items to be remedied, your Realtor's job is to negotiate the best option for you (walk away, get the major items fixed or get a reduction in price.) If you have sent in a waiver to the inspection, an amendment can be created that would set out the agreed upon terms to your satisfaction.
    2) If a sales representative is pressuring you to complete the deal for any reason, you can have a frank discussion with the agent to address your concerns. Noone should feel pressured in any way. The sales representative is a representation of the Brokerage, and should the issue not go away, you can call the Broker-of-Record to get some more understanding of your position. It could possibly be that there is some better communication about the situation that needs to occur that can solve the issue for you.
    I always believe that a win-win situation should result from the deal. If not, it isn't a good deal!
    I welcome any comments at tina@tinamcquaid.com

     
  • Realtor Pro   (12 months ago)

    I'm not sure what the rules are in Quebec, but in Ontario if you have an accepted offer with a condition on home inspection you can cancel the agreement if something in the inspection is unacceptable. All depends on how your agent worded the offer.

     
  • Realtor Pro   (12 months ago)
    Sales Representative,HomeLife/United Realty Inc.Contact me for any real estate matter at aagogia@gmail.com

    The agreement of purchase and sale is a legal document and if the offer is accepted by seller than it is binding contract between seller and buyer.The buyer can opt out of this contract to buy the property if the accepted offer is conditional and the conditions are not met say home inspection within the time period of the conditional offer.

     
  • Realtor Pro   (12 months ago)

    Just to add to other answers, be aware of the fact that if you step out of the deal, your deposit would be at risk. Although it may be legal for you to step out, the other party could argue the opposite if the wording is not extremely clear in the condition within the offer. If there is a disagreement, the court would have to decide.

     
  • Realtor Pro   (11 months ago)

    Have your lawyer review your agreement of purchase and sale and get his opinion on it. There shouldn’t be any problems if you have a home inspection clause that is worded correctly by your REALTOR®, and the inspector’s recommendations are reasonable.

     
  • Realtor Pro   (11 months ago)

    Are you within the conditional period for the home ispection? Then your Sales Representative should advise you, otherwise talk to you lawyer.

     
  • Realtor Pro   (11 months ago)

    In Ontario the following is the usual wording for the Home Inspection Clause. This allows the Buyer to opt out at his sole and absolute discretion, which means the problems discovered on inspection could be as minor as possible but still unsatisfactory to you as this is your right, not to be trampled on. Further to that if all conditions have been met and your deal was Firmed up, you will need a Mutual Release signed by all parties to get out of it without any further legal action. Hopefully it has not gone so far. Check to see if your Offer has similar wording as follow:
    "This Offer is conditional upon the inspection of the subject property by a home inspector at the Buyer's own expense, and the obtaining of a report satisfactory to the Buyer in the Buyer's sole and absolute discretion. Unless the Buyer gives notice in writing delivered to the Seller personally or in accordance with any other provisions for the delivery of notice in this Agreement of Purchase and Sale or any Schedule thereto not later than Five Banking Days After Acceptance that this condition is fulfilled, this Offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction. The Seller agrees to co-operate in providing access to the property for the purpose of this inspection. This condition is included for the benefit of the Buyer and may be waived at the Buyer's sole option by notice in writing to the Seller as aforesaid within the time period stated herein".

     
  • Realtor Pro   (11 months ago)

    To add to the good answers here, the Realtor is working for you, if you are pressured in any way, then you must remember that the Buyer Agency Agreement you signed with this Realtor is not between you and the Realtor, but between you and the Brokerage. So in case things are getting too uncomfortable between the two of you, you might first want to let the Broker know your problem and a good solution be reached easily.
    And of course keep your lawyer in the picture all the time.
    Time is of the essence here, don't let things delay when everything is based on a few days time limitation.
    Best regards,

     
  • Realtor Pro   (11 months ago)

    The rules in Québec might differ from what we have here in Toronto….but if your offer was Conditional on Inspection …”obtaining of a report satisfactory to the Buyer in the Buyer's sole and absolute discretion…” than you have the right to “opt” out from a signed agreement. If you have difficulty with the Sales Representative, contact his/her Broker/Manager to resolve this issue. If needed notify your legal representative….time is of the essence.
    The wording of the condition is very important,…some are worded in a way that if no response from the buyer within certain time period than the agreement becomes firm…..or, the buyer has certain time period in within the condition has to be waived in writing to firm up the agreement.
    Best regards,
    Maria

     
  • Realtor Pro   (11 months ago)
    http://www.davidpylyp.com/ David Pylyp Accredited Senior Agent Living in Toronto

    So what happened?
    Did you have your deposit released?
    Did you escape the deal?
    \

     
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