Would a seller ever pull out of a contract due to the buyer’s inspection revealing major problems with the property?

As of a week ago I am under contract on an old house, with the inspection contingency fully in place. With the state of the market, I was pleasantly surprised that this happened, although I still think we are very much in a seller’s market.

Inspection was earlier this week and the only major issue that was uncovered was the existence of still-active knob-and-tube wiring throughout parts of the house. No idea how much it would cost to remediate yet, but we are requesting it be replaced (or a credit be issued to contract out my own repair) per our contract, or else I am able to pull out.

Am I correct in thinking that the seller/agent is now under a legal obligation to disclose this to any future potential buyers, should our contract fall through (I am in NJ, if it matters)? I just have this worry that the seller will get spooked by the results of the inspection and want out to re-evaluate his choice of buyer.

Worth noting that it was a “light” flip and I am being very thorough on my inspections because of that. The seller wants to move fast and so we are expecting them to take the credit option, and I think this also makes it more likely that they will simply want to move forward with my contract as quickly as possible, rather than cancel and try to find someone else.

submitted by /u/PM_ME_TODAYS_VICTORY
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As of a week ago I am under contract on an old house, with the inspection contingency fully in place. With the state of the market, I was pleasantly surprised that this happened, although I still think we are very much in a seller’s market. Inspection was earlier this week and the only major issue that was uncovered was the existence of still-active knob-and-tube wiring throughout parts of the house. No idea how much it would cost to remediate yet, but we are requesting it be replaced (or a credit be issued to contract out my own repair) per our contract, or else I am able to pull out. Am I correct in thinking that the seller/agent is now under a legal obligation to disclose this to any future potential buyers, should our contract fall through (I am in NJ, if it matters)? I just have this worry that the seller will get spooked by the results of the inspection and want out to re-evaluate his choice of buyer. Worth noting that it was a “light” flip and I am being very thorough on my inspections because of that. The seller wants to move fast and so we are expecting them to take the credit option, and I think this also makes it more likely that they will simply want to move forward with my contract as quickly as possible, rather than cancel and try to find someone else. submitted by /u/PM_ME_TODAYS_VICTORY [link] [comments]

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