Purchase Contract - Risk of Loss Clause - Ceiling Leak

[Mohan P.]

Hi Gurus,

I have a First Floor Condo under contract and we were supposed to close on 9/3. Because of a Leak from third Floor Shower Leak, a ceiling leak developed on this property under contract. Water was leaking and Foyer light Dome was full of water and leaking from there as well. because of excessive water drips, dry wall near the floor was also damaged.

I went under contract for this property with an escalation clause as this was in great condition and paying 3% over what I had initially put in before the counter. Now that I am inheriting a problem that I have no control (3rd Floor Plumbing Issue) and potential electric issues, future mold issues etc.,., I am thinking about renegotiating the price and push the close to after Seller gets to settle the issue with the 3rd Floor Owner/HOA. I dont want cut both Seller and Realtor loose and pick up the additional overhead in dealing with HOA/3rd Floor Owner.

Please advise.

Thanks

Mohan