What is the name of your state (only U.S. law)? California
Hi, I am a first time home buyer in the process of buying a new house for which I have paid the earnest deposit. I had added an inspection contingency initially to the house but after getting a foundation inspection and going through all the documents that the seller provided, I decided to waive the contingency. I got the title company report today for the house and turns out there is a public utility easement on the property. The seller had not disclosed this (explicitly stated that they were not aware of any easement).
I wanted to know what are my options now. If I back out of the house, do I lose my deposit ? (I have waived all my contingencies. signed the waiver yesterday and only reviewed the title document today)
Would it still be possible for me to renegotiate with the seller to bring the price down.
How do I calculate the lost value of having a utility easement on the property
Should I even be concerned about this ? The easement is to the side of the property between it and the neighboring house. (There is an additional easement to the front of the house but I am not too concerned about it since it is pretty much present for all houses in the neighborhood.)
Please help with any advice/comments. To be honest I am completely new to the home buying process and a bit overwhelmed with the whole process.
Hi, I am a first time home buyer in the process of buying a new house for which I have paid the earnest deposit. I had added an inspection contingency initially to the house but after getting a foundation inspection and going through all the documents that the seller provided, I decided to waive the contingency. I got the title company report today for the house and turns out there is a public utility easement on the property. The seller had not disclosed this (explicitly stated that they were not aware of any easement).
I wanted to know what are my options now. If I back out of the house, do I lose my deposit ? (I have waived all my contingencies. signed the waiver yesterday and only reviewed the title document today)
Would it still be possible for me to renegotiate with the seller to bring the price down.
How do I calculate the lost value of having a utility easement on the property
Should I even be concerned about this ? The easement is to the side of the property between it and the neighboring house. (There is an additional easement to the front of the house but I am not too concerned about it since it is pretty much present for all houses in the neighborhood.)
Please help with any advice/comments. To be honest I am completely new to the home buying process and a bit overwhelmed with the whole process.