Real Estate

Locked: Fir damage Neighbour’s house before closing

  • Last Updated:
  • May 23rd, 2021 11:00 pm
[OP]
Newbie
Oct 22, 2013
94 posts
18 upvotes
Etobicoke, ON

Fir damage Neighbour’s house before closing

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Last edited by Ram421 on May 23rd, 2021 11:45 pm, edited 1 time in total.
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Deal Guru
User avatar
Mar 23, 2008
12639 posts
9242 upvotes
Edmonton
Ram421 wrote: Hello ,

I’m closing on a property on July 30 and have waived all the conditions on the property.

There was a fire or explosion that has damaged the neighbors house. The damage is pretty sever , the roofs and side walls were totally burnt.

There was no visible damage to the house i am closing. I’m also not sure if the roof or side vinyls were damaged ( I couldn’t observe any visible damage from outside).

What are my options here :
1. As the offer was accepted without any clauses, can I speak to my lawyer and back out ?
2. The property value might not be the same as before.

Any advise or suggestions

Thanks in advance
They would be responsible for getting any damage fixed. If there’s no damage, then there’s nothing to even start discussing.

C
Deal Addict
User avatar
Nov 30, 2005
1328 posts
745 upvotes
Ottawa, ON
Ram421 wrote: Hello ,

I’m closing on a property on July 30 and have waived all the conditions on the property.

There was a fire or explosion that has damaged the neighbors house. The damage is pretty sever , the roofs and side walls were totally burnt.

There was no visible damage to the house i am closing. I’m also not sure if the roof or side vinyls were damaged ( I couldn’t observe any visible damage from outside).

What are my options here :
1. As the offer was accepted without any clauses, can I speak to my lawyer and back out ?
2. The property value might not be the same as before.

Any advise or suggestions

Thanks in advance
Damages occurring after the offer was accepted is material to the deal so consult your lawyer. At the very least, you should be entitled to an inspection of any potential dmg as result. Although you can't use that inspection to highlight faults that could not have reasonably be attributed to the fire.
Deal Addict
User avatar
Nov 30, 2005
1328 posts
745 upvotes
Ottawa, ON
Ram421 wrote: Thanks . What if the there is no damage and still I want to back out . Would I be losing my escrow amount. Or is there something I could negotiate with the seller/ sellers realtor
I would think that you would have a case if the fire would have caused a significant devaluation of the home vis a vis through the value of the neighbourhood but if there's no dmg to yours and no appreciable affect on property value, I am not sure. Pls let us know what your lawyer says.
Deal Addict
Jul 22, 2009
1565 posts
1120 upvotes
Brampton
I would assume property will be rebuild hance increasing proporty value. So I think you are going to be OK.
Deal Fanatic
Feb 4, 2010
5102 posts
4047 upvotes
Ram421 wrote: Thanks . What if the there is no damage and still I want to back out . Would I be losing my escrow amount. Or is there something I could negotiate with the seller/ sellers realtor
So the fire isn't the issue - you just want to back out and are finding any excuse you can?
Deal Addict
User avatar
Nov 30, 2005
1328 posts
745 upvotes
Ottawa, ON
Lol I am now curious how much OP thinks he overpaid by?
Deal Addict
Feb 24, 2008
3060 posts
1668 upvotes
Mississauga
Ram421 wrote: Thanks . What if the there is no damage and still I want to back out . Would I be losing my escrow amount. Or is there something I could negotiate with the seller/ sellers realtor
Uh....what?
Why would you want to back out if the house is not damaged by said fire?
Deal Expert
May 30, 2005
46080 posts
6570 upvotes
Richmond Hill
mau_mau wrote: Uh....what?
Why would you want to back out if the house is not damaged by said fire?
I'm guessing reasons along the lines of, there is a piece of eyesore that OP now has to look at, potential 6-12 months of construction "eating dust" down the road, etc...

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