What are my rights to terminating my contact?
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What are my rights to terminating my contact?
I signed a contract for a new construction condo (I did not commission the build) and upon inspection found significant water damage. There was no option period but it was written into the contract that the builder fixes all deficiencies found during the inspection. I am 5 days from closing and they are part way through addressing the leak but only intend to cover-up the water stained/damaged drywall, not replace. it Can I terminate and recoupe my earnest money?
Asked on August 13, 2017 under Real Estate Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
If the contract specifies that they will fix these deficiences but does not state a specific period or timeline by which they must, then the law would presume it must be fixed by closing. That means they are not in breach until the closing date. IF by or at closing, you find that they have not fixed the damage, that should provide a basis for you to terminate the contract, but you have to give them that long, because they are not in breach until then. If at closing it appears they rectified the problems, but you later find out that they did not, you could then sue them for compensation (e.g. the cost to remediate).
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