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HelpMeIfYouCan

Can I Get Out of This Purchase Agreement?

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I am a real estate buyer in Indiana. 

#1 - If it states in my contingencies that I must be able to get insurance, and I sent a response from from my insurance agent stating that he won’t cover it because of knob and tube wiring, am I still obligated to buy the property?

#2 - The Purchase Agreement has the wrong parcel number and legal description, but the correct physical address. Does this make the purchase agreement unenforceable?

#3 - Seller was sent a mutual release, but responded by saying they want the earnest money and $7500. They refuse to sign the release. Can they refuse even if I can’t get insurance and the parcel # and legal description are wrong on the Purchase Agreement?

#4 - Seller’s name is not on the title. It is in the name of 2 deceased people who left it to their granddaughter, who is of legal age. Grandaughter’s name is not on the title either. Am I being scammed?

#5 - Can I purchase another property if the seller won’t sign the mutual release?

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18 minutes ago, HelpMeIfYouCan said:

The Purchase Agreement has the wrong parcel number and legal description, but the correct physical address. Does this make the purchase agreement unenforceable?

 

No (or highly unlikely).

 

 

19 minutes ago, HelpMeIfYouCan said:

Can they refuse even if I can’t get insurance and the parcel # and legal description are wrong on the Purchase Agreement?

 

The seller did refuse (you said so yourself).  Therefore, it should be obvious that he/she can refuse.  I'm not really sure what you actually intended to ask here, but the seller is under no obligation whatsoever to sign a release.

 

 

20 minutes ago, HelpMeIfYouCan said:

Seller’s name is not on the title. It is in the name of 2 deceased people who left it to their granddaughter, who is of legal age. Grandaughter’s name is not on the title either. Am I being scammed?

 

We have no conceivable way of knowing.

 

 

20 minutes ago, HelpMeIfYouCan said:

Can I purchase another property if the seller won’t sign the mutual release?

 

You can purchase anything you want from a willing seller, assuming you have the financial means to do so.

 

I didn't answer your first question because there's no way anyone can assess your rights and obligations under a contract we haven't read.  The only thing I can tell you is that just because you couldn't obtain insurance from one agent doesn't mean you can't obtain it from some other agent or some insurance company other than whichever company(ies) the one agent you consulted tried to obtain it for you.

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1 hour ago, HelpMeIfYouCan said:

I sent a response from from my insurance agent stating that he won’t cover it because of knob and tube wiring

 

"He" won't cover it? It's not up to him. It's up to the insurance company's underwriters. If that insurance company's underwriters won't do it and your agent has no other companies available you go to an independent agent who will find an insurance company that will insure the property.

 

Some insurance company has been insuring it in the past and some insurance company will insure it in the future. I can guarantee that. It's just going to probably cost you more money than you would pay for insurance on a house with modern wiring.

 

1 hour ago, HelpMeIfYouCan said:

Seller’s name is not on the title. It is in the name of 2 deceased people who left it to their granddaughter, who is of legal age. Grandaughter’s name is not on the title either. Am I being scammed?

 

It's possible that a representative of the estate is selling the property on behalf of the estate. It's easy enough to ask for and get the appropriate documentation.

 

 

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