Asked and AnsweredIt’s the day before the closing and I just found out that the maintenance for the apartment is higher than the maintenance stated in the contract. Is that grounds to terminate the contract?
That depends on many, many factors and a yes or no answer is not appropriate in this space. That being said, if something is knowable by the buyer, through the exercise of ordinary due diligence (like asking the managing agent to confirm the actual maintenance payable for this apartment before the contract is signed), it will be difficult to accuse the seller of misrepresentation, if a good faith mistake was made by the seller by the seller's attorney. In those rare situations, where the maintenance is grossly understated, an adjustment to the purchase price might be possible depending upon all of the facts and circumstances.