Reinstatement of Property Purchase
I had pulled out of a property purchase as I found out the cladding was no longer recommended by the manufacturer (leaky homes concerns, Shadowclad). The house is 2021, and I don't see I could reasonably have known that a 5 year old house would use cladding that has already been discontinued. The paint colour also doesn't seem to match the specs (this is not just an aesthetic issue, the builder has recommend re-painting a light colour).
After I pulled out, the agent rang me on Friday and convinced me to change my mind, saying that the issues were quite minor. He said he'd get a warranty from the manufacturer if I asked my lawyer to reinstate. I told him I'd reinstate after he had the docs, but he said I'd need to reinstate before that for the vendor to still work with me, as they'd had another offer.
My lawyer said she would send a request to reinstate, but did warn that they'd probably only accept if I was intending on settling. I said yes.
Their lawyer hasn't responded yet, as this all happened about 5pm Friday.
I've thought about it, and I really still want to cancel. I just don't believe they issued are minor.
The builder did only describe these as maintenance items, not defects. What is the threshold for pulling out. Its meant to be objective and material. Realistically, there isn't much wrong with the house right now- the described issues are maintenance items, my concern is what they are potentially a symptom of. The builder has said "fix back and monitor". It's the monitor part that worries me.
if they accept the reinstatement request before I cancelled it, is this it- can I actually cancel it again. I didn't sign anything saying I would waive the conditons, but I did verbally say to my lawyer I was happy with finance, LIM, etc. I asked if I could still negotiate fixes on the report after reinstatement. She said I could try, but it probably wouldn't be accepted.
I'm a bit worried that my actions may be considered not in good faith, but I am genuinely panicking about the weatherproofing of this house.