I want to cancel a contract to buy a home.
2006-07-23 15:50:28 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
If there are contingencies that are still in effect and that you can justify (the loan contingency is the one that usually works best), then the answer is yes, in general. If there are no contingencies you can justifiably use, the seller can not only keep your deposit but sue for liquidated damages and even specific performance (in other words, make you go through with it).
The final rule in this is "Whatever the courts say," so consult your attorney, but that's the general rule.
2006-07-23 16:34:41 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
You can get out of buying the house, but you may lose your earnest money. Some contracts have clauses that may let you get out of the contract and keep your earnest money (if the house was found to have more than a set amount needed in repairs, or if there was a drastic change in your financial situation). You would just have to read over your contract to be sure.
2006-07-23 15:56:27 · answer #2 · answered by Jessica H 4 · 0⤊ 0⤋
As long as it is legal and because of one of the contract contingencies, I tried to cancel a contract to sell a house and was sued for specific performance and was forced to sell the house to the buyer. Consult your attorney before you tell your realtor or anyone else.
2006-07-23 15:53:46 · answer #3 · answered by WJW 2 · 0⤊ 0⤋
Depending on the contract and any contingencies, you may be able to cancel the contract. If there are no contingencies, you may be liable for any and all losses that they seller has. The contract that you signed may allow your deposit to be forfeited as liquidated damages, or you may be liable for more!
Consult a lawyer for more information!
2006-07-23 15:56:09 · answer #4 · answered by fire4511 7 · 0⤊ 0⤋
You can but be prepared to forego your escrow deposit, especially if there is a clause in the contract regarding the seller's damages.
You may also have to pay for any inspections, reports, etc., that you requested, or were requested for you by your agent.
2006-07-23 17:38:53 · answer #5 · answered by Christine 3 · 0⤊ 0⤋
Need more information but as said above is not too bad. Contact your sales agent and an attorney.
2006-07-23 16:21:55 · answer #6 · answered by xtrapr 4 · 0⤊ 0⤋
yes, but you will probably loose your deposit or earnest money. If you really don't want it, it will be worth the loss.
2006-07-23 15:54:05 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes, but you may lose your earnest money.
2006-07-23 15:53:13 · answer #8 · answered by kny390 6 · 0⤊ 0⤋
Call the realtor and / or the lender and say, "I've changed my mind. Please cancel the contract."
2006-07-23 15:54:09 · answer #9 · answered by Stuart 7 · 0⤊ 1⤋
you can cancel, but you will most likely lose your deposit
2006-07-24 09:15:03 · answer #10 · answered by pengy2482 2 · 0⤊ 0⤋