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Buyer Termination of Contract Question

1,715 Views | 13 Replies | Last: 2 mo ago by BlueHeeler
BlueHeeler
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AG
Is the fact that the seller didn't answer critical questions on the seller's disclosure (like settlement, soil movement, flood zone) a valid reason to terminate? Or, would it be argued that I should have seen this prior to signing. I did not have an option period. Thanks in advance.
_lefraud_
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What has your agent said?
Red Pear Realty
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We aren't allowed to explain or interpret the contract or law to you if you don't understand it, so I would point you to your attorney.
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Bill Robbins
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Why did you not have an option period? Did you skip on the inspection?

When I am helping a Buyer, the 1st thing I check on every property is the flood plain map. And if the property is in the Brazos Valley you can assume that there will be settling. You and/or your agent should not be relying on the SD for these issues.
CS78
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Did you have the sellers disclosure prior to signing? If yes, then common sense would say you cant use that as a reason.
Red Pear Realty
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CS78 said:

Did you have the sellers disclosure prior to signing? If yes, then common sense would say you cant use that as a reason.

That might not be what the law says, but again, you shouldn't take legal advice from TexAgs and the OP should consult with an attorney on this one.
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Martin Q. Blank
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https://statutes.capitol.texas.gov/Docs/PR/htm/PR.5.htm

Sec. 5.008. SELLER'S DISCLOSURE OF PROPERTY CONDITION. (a) A seller of residential real property comprising not more than one dwelling unit located in this state shall give to the purchaser of the property a written notice as prescribed by this section or a written notice substantially similar to the notice prescribed by this section which contains, at a minimum, all of the items in the notice prescribed by this section.

If the disclosure was incomplete, then it wasn't received. Which did you check in the contract?

B. SELLER'S DISCLOSURE NOTICE PURSUANT TO 5.008, TEXAS PROPERTY CODE (Notice):
(Check one box only)
(1) Buyer has received the Notice.
(2) Buyer has not received the Notice. Within ___ days after the Effective Date of this
contract, Seller shall deliver the Notice to Buyer. If Buyer does not receive the Notice,
Buyer may terminate this contract at any time prior to the closing and the earnest money
will be refunded to Buyer. If Seller delivers the Notice, Buyer may terminate this contract
for any reason within 7 days after Buyer receives the Notice or prior to the closing,
whichever first occurs, and the earnest money will be refunded to Buyer.
(3) The Seller is not required to furnish the notice under the Texas Property Code
Martin Q. Blank
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Legal matters are one thing, but do you want to terminate? I'd just communicate to the seller the issue and see if they agree. If they don't, just terminate anyway and not agree to release the earnest money. Tie up their property until they release the earnest money to you.
Diggity
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if it wasn't received, then what did the buyer initial and sign?
springagg
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What Martin said.. buyer can just refuse to release the earnest money to seller. Earnest money is generally just a joke and rarely does seller ever get to keep it.
Agilaw
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Bonfire: I don't see where you can receive a pm. If you want to post your contact information, I'll reach out to you and then you can take it down.
BlueHeeler
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Agilaw
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Got it. You can take it down.
BlueHeeler
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Thanks!
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