Q: Can a seller go back on their contract after signing?
Recently, we put an offer on a house. One of the stipulations was for the seller to paying closing costs up to 3500, the offer was accepted. A septic and well inspection was completed and it failed the inspection for the septic. So roughly the house needs a new septic system for 10k. Now, the seller is agreeing to pay for the septic system but now wants us to pay for closing costs. Can they go back on their contract after signing? I was under the impression only the buyer could during the contingent period?
A: You need to have your purchase agreement reviewed by an attorney. After the inspection you made a request to have the septic system repaired. The Seller countered by, essentially agreeing to pay up to $6,500 for the septic repairs. You need to accept or reject their counter-offer. The purchase agreement should have a provision for negotiating repairs after the inspection, and the result when the parties cannot agree.
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