Can you terminate a home purchase agreement if you are not satisfied with the home inspection report? The answer to the question lies in the contract.
Most contracts for residential property have an inspection paragraph that gives you so many days in which to inspect the property. These are called “As Is Contracts.” So it says that you have 10 or 15 days to inspect the property and if you are not satisfied you merely need to give notice within that time period to terminate the contract and then you should receive your deposit back.
If your contract does not have an inspection period and you find a defect in the property that is not readily observable, you would have a right to terminate the contract for a latent defect that was not disclosed. You cannot terminate a contract if you go past the inspection time period set forth.
So you need to read your contract and see what it has to say and it will probably provide for an inspection period and you would be able to terminate.
So if you have any questions about your contract, so give me a call at 727-847-2288.