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SmilingInside · Feb 16, 2013, 01:36 PM

Originally Posted by LisaB4657

KY does not require a 3 day right of rescission for real estate contracts. The right to withdraw the offer disappears as soon as the seller has accepted the offer without any changes to the terms. At this point to get out of this contract there has to be some condition in the contract that hasn't been satisfied. You mentioned earlier that there is a deed issue. What is the issue?

There's some liens/back tax issues. I do not know any specifics. I was told by the realtor that the seller had paid (or took care of them) however as of now the title is not "clean" yet. However they probably don't owe me a clear title until closing, right? Or what..

Again, this has all happened in literally days. I expressed interest in the property and the next day I was informed there was another party interested and it was like a whirlwind, making offers and counter-offers under pressure. I don't even know if there actually was another buyer, looking back on it it seems a little bizarre. It was so high-pressure, it was unbelievable. I was given only hours to make my counter-offer. I don't know if I've been allowed or provided with all of the proper paperwork, information and time to inspect and stuff.

Would a possibility of getting out be getting an inspection? I'm unclear on my right to an inspection. It says "as-is" so does that mean I don't have a right to an inspection? I already know the place is not livable, it was never made out to be livable but do I have a right to an inspection, and to back out when the inspection reveals severe damage? I see there's a clear-cut right to a termite inspection, should I get one and pray it has termites? (lol)

Is it common for the deposit to be kept though? It's only been days. I mean, what usually happens?

LisaB4657 · Feb 16, 2013, 01:41 PM

You only have a right to an inspection if the original offer you submitted contained a clause giving you a right to inspection. There is no automatic right.

As for title issues, the standard practice is that the seller must be able to deliver clear title at closing.

If you really want to get out of this deal you're going to have to speak to a KY attorney first thing Monday morning and there are no guarantees that they will be able to get you out of the deal without the risk of losing some, or all of your deposit.