Can buyers terminate the contract after the option period? – Texas REALTORS®-2021十大正规彩票app

November 01, 2024

My buyer’s right to terminate the contract under Paragraph 5B has expired, but his inspector found serious foundation problems and possible mold because of a prior roof leak. Can the buyer still terminate the contract after the option period because of these issues?

A buyer can’t terminate a contract after the option period has ended just because the inspector found problems. However, some buyers may have an additional right to terminate in this situation. Under Paragraph 7E, if the buyer’s lender requires that these problems be repaired as a condition of making the loan and the buyer and seller can’t agree on who will pay for the repairs, then the contract will terminate. The buyer will retain the earnest money. In addition, Paragraph 7E provides that if the cost of lender-required repairs exceeds 5% of the sales price, then the buyer may terminate the contract.

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