Q. If I contract to buy a house, can I later back out of the deal if I learn something bad about the property?
A. Most contracts to buy a home have contingency clauses. These list events that let the buyer out of the deal. A mortgage contingency clause lets you cancel the purchase if you cannot get a loan. An inspection clause lets you out of the deal if a professional inspector finds something wrong with the property. A sale of other home clause lets buyers cancel the deal if they can't sell their old home. Buyers should make sure these clauses are in the contract.

Q. The seller gave me a written list of problems with the home I am buying. Do I really need to pay for an inspection?
A. There can be many more problems the seller does not know about (or does not think are problems). Home sellers and their real estate agents are usually not liable for defects if they really were unaware of them. Thus, you should hire a home inspector to find any defects the seller did not disclose.