Legal Question in Real Estate Law in Indiana
Must a buyer buy a house with defects?
If a buyer discovers prior to closing but after he had the home inspected that the basement leaks water, must the buyer complete the transaction and buy the house?
Asked on 10/19/06, 4:07 pm
1 Answer from Attorneys
Re: Must a buyer buy a house with defects?
This question can not be accurately answered without a review of the contract and other disclosures. However, from a practical stand point, if there is a contingency based on obtaining financing, and the leak is substantial enough to impair the value of the home, the buyer's lender may decide not to provide the funding, leavng the buyer off the hook unless repairs are made by the Seller.
Answered on 10/19/06, 4:30 pm
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