The Buyer and Seller executed the AAR February 2017 Residential Purchase Contract. During the Inspection Period, the Buyer provided a BINSR to the Seller. In the BINSR, the Buyer asked for repairs and a $1,200.00 credit to install a gas stub to an outdoor fire pit that the Seller had agreed to leave behind as personal property.
The Seller said yes to all repairs, but said no to the credit.
The Buyer now wants to cancel the Contract.
Can a Buyer cancel the Contract if the Seller refuses to provide a credit requested on the BINSR?
The February 2017 Contract states in Section 6i that “Prior to expiration of the Inspection Period, Buyer shall deliver to Seller a signed notice of any items disapproved. AAR’s Buyer’s Inspection Notice and Seller’s Response form is available for this purpose.”
Section 6j states the Buyer may disapprove of items and cancel the Contract immediately, or provide the Seller an opportunity to correct the items disapproved.
In this instance, the $1,200.00 credit was an offer to amend the Contract, which the Seller did not accept.
Therefore, the Buyer cannot cancel and recover the earnest money based on the Seller declining Buyer’s request for a credit.