Q: Am I obligated to purchase a property if it fails sewer and well inspection even if they agree to fix it?
The down payment has been made and the sale was contingent on sewer and well, and we no longer want it
A: The answer to any contract question requires a review of the contract.
Assuming that well and septic contingencies are included in the offer then your rights are set forth under the contingencies. If the contingencies grant the Seller the "right to cure", then the Seller may cure the defects and you may be obligated to close if the Seller 1) timely elects to cure the defects and 2) cures the defects prior to closing. Of course, there may be some dispute as to what remedies would constitute an effective cure.
Best to have a qualified attorney review the offer to advise you as to your relative rights and obligations. Be forewarned, many contingencies have strict deadlines and a failure to properly articulate objections by due dates may cause the contingency to be deemed satisfied......so time is of the essence.
Thomas B. Burton agrees with this answer
A: This will depend on how the wording of the contract (the Offer to Purchase) was put together. If you said that the purchase is contingent on a sewer and water inspection, this is good. It now depends on if you wrote in that you have the right to rescind the contract if the inspection shows problems, or if you gave the Seller what we call a "right to cure", in other words a right to fix the problems. Again, this will all depend on the wording of the contract that you signed with the Seller. I recommend you review this contract with the Attorney who drafted it, and ask them your questions. If you did not use an attorney to draft the contract, then I recommend you find one to review it for you who can explain how it will be applied in this case. Best of luck to you!
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