Cancel Home Purchase Contract

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Summary

In Connecticut, if a home inspection reveals significant issues like plumbing, you have the right to renegotiate or cancel the contract. The deposit should be returned unless other terms were agreed upon. Foreclosed properties are typically sold as is, meaning the buyer takes the property with all its defects. However, if an inspection reveals major issues before closing, you may still be able to renegotiate or back out depending on the contract terms. According to the contract terms provided, you can cancel the purchase if the inspection reveals significant plumbing issues, despite the property being a foreclosure and the seller disclosing some issues beforehand. This must be done within the stipulated timelines.

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Is a foreclosed house sold as is?
In Connecticut, foreclosed properties are typically sold "as is." This means the buyer takes the property with all its defects and the seller won't make repairs or provide a price reduction. Always conduct a thorough inspection before purchasing.
If it’s sold as is can you back out if the inspection list a ton of issues
In Connecticut, if a property is sold "as is", it's typically the buyer's responsibility to fix any issues found after purchase. However, if an inspection reveals major issues before closing, you may still be able to renegotiate or back out depending on the contract terms.
[Applicable Only If Checked] A HOME INSPECTION performed by an engineer licensed by the State of Connecticut or a home inspection service licensed by the State of Connecticut determining whether or not the buildings and other improvements located on the Property are structurally sound and whether or not the mechanical, electrical and plumbing systems of any of the buildings are in good repair. */*/* Buyer Initial Date Seller Initial Date */*/* Copyright ©* Greater Hartford Association of REALTORS®, Inc. All rights reserved. In cooperation with Connecticut REALTORS® Revised: */* This contract is for use by Molly Scully | Harriman Real Estate LLC. Use by any other party is illegal. TRANSACTIONS Property Address * Durham Sireet Hartford * Real Estate Purchase Contract Page * of * A TERMITE OR WOOD DESTROYING INSECT INSPECTION performed by a licensed exterminator or inspection service licensed by the State of Connecticut and determining whether or not the buildings on the Property are infested by termites or wood-boring insects and whether or not the buildings on the Property are damaged as a result of such infestation. OTHER INSPECTIONS/TESTS of the buildings located on the Property for Xasbestos; Mradon; &mold; and _(other(s)). performed by a licensed inspector or inspection service licensed by the State of Connecticut, the results of which are satisfactory to Buyer, provided that Buyer's determination is reasonable in view of the written report of any inspection and/or test. Buyer must arrange and pay for all inspections including any additional inspections recommended by the inspector. Buyer must give Seller written notice of any inspection that does not meet the standards set forth above together with a copy of the relevant pages of the inspection report, on or before * _calendar days after the date that this Contract is fully executed (Inspection Contingency Date). If Buyer does not give Seller such notice, Seller shall have no responsibility or obligation concerning any condition to which this paragraph * applies. At Buyer's sole cost and expense, Buyer shall restore the Property to substantially the same condition it was in immediately before any inspections. If an inspection report given by Buyer to Seller on or before the Inspection Contingency Date reveals that the Property or other improvements do not meet the terms set forth above, then Buyer may, at Buyer's option, terminate this Contract by giving Seller written notice of termination no later than the Inspection Contingency Date. Alternatively, Buyer may give Seller the option to correct the conditions that are unacceptable to Buyer. If Seller and Buyer cannot reach a mutually satisfactory written agreement regarding the correction of these matters, then Buyer may terminate this Contract by giving Seller written notice of termination no later than * calendar days after the Inspection Contingency Date. Failure by Buyer to so terminate relieves Seller from all responsibility and obligation concerning any condition to which this paragraph * applies. If Buyer terminates this Contract pursuant to Buyer's rights under this paragraph *, Buyer shall receive all deposited sums and the obligations of the parties under this Contract shall end, except with respect to the obligations under this paragraph *. In consideration of the rights of inspection, and whether Buyer exercises such rights or not, Buyer hereby releases Seller, Broker and Co-Broker (if any) from any and all liability related to any defects in the Property or the cost of addressing any environmental condition in the Property of which Seller, Broker or Co-Broker, as the case may be, had no actual knowledge before the execution of this Contract. This release and the obligations and agreements of Buyer contained in this paragraph * shall survive the deed and the termination of this Contract. This is the contract terms
Based on the contract, you can terminate the purchase if the:
- Home inspection reveals structural, mechanical, electrical, or plumbing defects.
- Wood inspection finds termites or damage from them.
- Other inspections detect asbestos, radon, mold, or other issues.
You must give written notice within 14 days of contract execution. If the seller cannot correct issues, you can terminate the contract within 5 days after the Inspection Contingency Date.
So I can cancel the contract if there are plumbing issues even thou the seller already said there was some plumbing issues and the house is a foreclosure
Yes, according to the contract terms you provided, you can cancel the purchase if the inspection reveals significant plumbing issues, despite the property being a foreclosure and the seller disclosing some issues beforehand. This must be done within the stipulated timelines.