Real Estate

promise to purchase contract question

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[OP]
Member
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Dec 27, 2011
318 posts
30 upvotes
Stouffville

promise to purchase contract question

Hi folks
I have a question about a real estate contract.
I have a friend signed an offer few days ago. Since they were new to canada(about 1 month). So they got 100 ripped by a real estate broker. after the seller accepted the offer. the broker asked my friend go sign the paper. And i went to the house with my friend.
1,the house has 60% pyrite stone in the garage. the broker said the number is the low side. not an issue at all.
2,i spot out there is leak on the kitchen ceiling (dry) . the broker said to my friend ,. it is a small problem , the leak is from they previose owner forgot to close the water in the bathroom , no big deal.
3, the brick on the outside wall has a crack from the top of the door to the roof. was told it s normal of course.
4, the top on the patio door has banded , was told all house in canada are like this.
5, and i found 2 cracked on the foundation wall .

ok now, my question is , is there any chance my frd can cancel the contract ?
And what kind of reason i can cancel a contract after the house inspection ? let say. if the house inspector tell me there are 2 cracks on the foundation wall . can my frd refuse to buy the house ?

hope some one can help .. time is running out. the inspector will come on friday morning.
thanks
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6 replies
Deal Addict
Oct 29, 2010
4314 posts
664 upvotes
Is there a condition for inspection?
If there is, after you do an inspection you have a small time period where you can walk away for not being up to your standards.

Some of your points are reasonable and some are less. Just because there is a crack doesn't mean there is a problem, many times it's normal and many times it's not normal. Only way to tell is bring a professional to tell you what they think.
For example, leak in the kitchen ceiling, if you have a bathroom above and you had a toilet clogged and water going out, doesn't take much for a bit of water to find it's way to one of the ducts and leave a water stain on the ceiling below.
Patio doors, can be anything really, over time things get old and you see rust and bends and cracks, sometimes it's a problem and sometimes it's not.

You need to realize that there will always be problems with any house, just gotta mitigate your risk, some are worth taking and some are not. Losing a 1M house (just an example) over a bent patio door that probably costs under $500 is silly. Losing a 1M house over serious foundation problem, that's reasonable.
[OP]
Member
User avatar
Dec 27, 2011
318 posts
30 upvotes
Stouffville
Thanks for your reply.
I think the only out of the contract is after the inspection on friday . but where i can find the information about what kind of problem is serious enough for walk away ?

when i bought my house last year. I walked out on an offer because of the water leak in the foundation corner . but i dont think the inspector can see the foundation of this house , cause the basement is 100% finished .
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Sr. Member
Mar 18, 2012
574 posts
118 upvotes
nofai wrote: Thanks for your reply.
I think the only out of the contract is after the inspection on friday . but where i can find the information about what kind of problem is serious enough for walk away ?

when i bought my house last year. I walked out on an offer because of the water leak in the foundation corner . but i dont think the inspector can see the foundation of this house , cause the basement is 100% finished .
There is no set 'bad enough to walk away' list or anything. Just let the home inspector do his/her job and then consider the details provided. You can walk out for any reason that worries you. But some things aren't worth walking away from the deal from that decision is made by the buyer.
Penalty Box
Oct 17, 2012
2689 posts
120 upvotes
freetoaster wrote: There is no set 'bad enough to walk away' list or anything. Just let the home inspector do his/her job and then consider the details provided. You can walk out for any reason that worries you. But some things aren't worth walking away from the deal from that decision is made by the buyer.
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Deal Fanatic
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Apr 11, 2008
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nofai wrote: Thanks for your reply.
I think the only out of the contract is after the inspection on friday . but where i can find the information about what kind of problem is serious enough for walk away ?

when i bought my house last year. I walked out on an offer because of the water leak in the foundation corner . but i dont think the inspector can see the foundation of this house , cause the basement is 100% finished .
Normally, conditions have to be manually waved. Therefore, as long as you don't wave the condition, even if you didn't get an inspection done (bad idea, do still get it done), you could just walk and most people won't pursue. That's why sellers hate conditions. Talk to you lawyers first though.
Deal Fanatic
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Feb 2, 2014
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Toronto
There is no such thing as a "pass" or "fail" for a home inspection. As long as you have any reason related to the home inspection that makes you want to back out of the deal, the contract is null and void.

Source - I'm a realtor and mortgage broker.
nofai wrote: Thanks for your reply.
I think the only out of the contract is after the inspection on friday . but where i can find the information about what kind of problem is serious enough for walk away ?

when i bought my house last year. I walked out on an offer because of the water leak in the foundation corner . but i dont think the inspector can see the foundation of this house , cause the basement is 100% finished .
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative

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