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I am going to try to post this article as a link, since it is quite long. If I mess up, then I’ll try to precis it and post it again.
http://www.thestar.com/NASApp/cs/ContentServer?GXHC_gx_session_id_=a3a3daa6d312e80c&pagename=thestar/Layout/Article_Type1&c=Article&cid=1014851216303&call_page=TS_News&call_pageid=968332188492&call_pagepath=News/News
That’s one long link. I hope I did it right.
…Hey, it worked!! After last week’s discussion, it was quite interesting to read of one that has gone to court.
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Interesting...............I wonder if there are any cases in the U.S. with similar decisions.
Thanks for the link.
*Interesting court case. Apperently well written article as well. So did the DH sellers get their property tied up in court and couldn't sell it pending the outcome?Keeping earnest money is almost impossible with most sales agreements. joe d
*That kind of clause is what I advise most of the epole I know who are looking to buy a home. That is contingent on the results of the Home Inspector.
*You missed the gist of the case; the escape clause was open ended and left entirely up to the discretion of the buyer: that's why the vendor lost traction on the contract, the fact that it concerned an inspection was moot.
*Thanks for the link. FWIW, I do inspections in 2 states; NW Ohio and SE Michigan.The standard purchase agreement clause gives the buyers the right to walk if the inspection finds problems which affect the "habitability of the house." (roughly translated.) (Whatever that means!)The SE michigan standard clause gives the buyer the right to walk for anything.The agents and brokers I know who work on both sides of the border tell me they have far fewer problems and fights in MI than they do in OH on this issue.The practical reality (as opposed to the advice based on amateur lawyers' interpretations) is that if a buyer decides to walk, it's rarely worth fighting them on it. Let 'em go, get on with your life, keep your blood pressure in check.Also FWIW, the HI firm mentioned in the case, Carson Dunlop, is a very respected name in the HI world: they produce a lot of material for HI's and provide a lot of training, etc.Oh yes: with reference to some comments in the other recent HI thread here:"Based on the clear wording of the clause in the agreement, the court also ruled the vendor had no right to participate in the inspection of the property"
*You wrote:i The practical reality (as opposed to the advice based on amateur lawyers' interpretations) is that if a buyer decides to walk, it's rarely worth fighting them on it. Let 'em go, get on with your life, keep your blood pressure in check. In the southern Ontario market (and the reason this case was in the news at all); if you sign up for a house through a realtor and try and walk away, they (the realtor, the MLS service, and their association) will generally come after you to fulfill the contract (or pay very hefty damages); and, they generally win.