Legal Question in Real Estate Law in South Carolina
Getting out of purchase contract
Recently signed a purchase contract. Closing set for May 27. Seller's disclosure listed no problems. Went to house during heavy rain and there is moderate to severe ponding in the yard completely surrounding the house leading me to believe there would be a flood problem.
The stormwater drainage pipe opens up to pour the runoff right into the yard.
Is this sufficient reason to back out of contract even if there hasn't been water damage yet? I paid $500 earnest money..if I don't get that back, that is fine. I just don't want this house anymore.
1 Answer from Attorneys
Re: Getting out of purchase contract
I hate to give advise on a particular contract without seeing the particular contract. That only makes sense. However, without seeing the contract I think what you described is something that should have been disclosed. Please understand that there are some contracts that say that the buyer is purchasing the property, "as is," and its the buyer responsibility to check on any and all potential problems. You probably should have an attorney look at the contract to be sure. Good luck