I signed a purchase/sale agreement to buy a new construction home. I waived financing and inspection in the agreement. But I have not deposited earnest money yet. Now I want to walk away from the deal. The sell threatens to sue me if I do not deposit the earnest money.
2006-07-13 07:44:17 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You must have consideration for it to be a legal contract. Without a deposit you have no contract. He can't sue you for anything.
2006-07-13 10:10:39 · answer #1 · answered by akc1106 4 · 4⤊ 0⤋
Boring as it sounds, you need to look at the agreement to see what your penalties might be. Are you obligated to find a replacement buyer? Will you have to pay a percentalage of the amount? The contract has the details.
However, in the state of Maryland (and Virginia) you can renege on a contract up to 72 hours with no penalty. You can probably do some googling to find out if this applies in your state.
2006-07-13 07:49:16 · answer #2 · answered by hawkthree 6 · 0⤊ 0⤋
If the deposition of earnest money is a clause in the contract you signed you are boligated to post that money. The two other clauses you recite may be illegal in your jurisdiction. contatct a lawyer or legal aid about them
Dan the Answers-Man
2006-07-13 07:49:51 · answer #3 · answered by Dan S 6 · 0⤊ 0⤋
this is what happens when people don't use realtors!
2006-07-13 09:59:54 · answer #4 · answered by thetoothfairyiscreepy 4 · 0⤊ 0⤋