2006-09-28 02:54:28 · 11 answers · asked by ShopGirl 1 in Business & Finance ➔ Renting & Real Estate
Sometimes paying a large sum of money can work to get you out of a contract.
2006-09-28 02:57:11 · answer #1 · answered by newt_peabody 5 · 1⤊ 0⤋
If the contract is void, you can get out of it...in other words, if it was made under false pretenses. Typically, you try to find a defect in the property. Find an inspector and send him to work. Make sure it's a good one, most real estate has SOMETHING wrong with it...if you didn't know about it when you signed the contract, it is void.
Note that this doesn't work for every state...
2006-09-28 03:03:16 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Typically once you have agreed to purchase the property, you are locked into the agreement pending the closing date. If you have not reached the closing date yet, you can ask to withdraw your offer, but will probably lose any downpayment you made as good faith to the seller upon offer. Other ways to get out of this is to find fault with the representation of the property, unknown liens, easements, etc. There is always a way to get out, just bear in mind that it is going to cost you something for creating waves between the realtor and the seller.
2006-09-28 02:58:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The only way out if you've signed it is if the seller willingly lets you out of the contract. Do you have a contingency on the contract? If one of the contingencies weren't met then the contract is void. You have to get the seller to let you out. That's the only way.
2006-09-28 03:00:34 · answer #4 · answered by jdecorse25 5 · 0⤊ 0⤋
It depends on how long it has been since the contract was signed. There is suppose to be a grace period to allow you to change your mind. This is by law. If you have not passed the grace period then you can back out without any consequences.
2006-09-28 02:57:04 · answer #5 · answered by cdubsj2 2 · 0⤊ 0⤋
You will need an Estoppel Affidavit agreement from the seller so that they can get the special warranty deed from you out of escrow and record it. How you negotiate the termination and it's terms is between the parties.
Buena Suerte
2006-09-28 03:00:50 · answer #6 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
Nobody here can answer your question because nobody here has seen the contract you want to get out of. Bring it to a lawyer, have him/her read it & tell you if there is a way out & what it's going to cost if anything.
2006-09-28 04:12:53 · answer #7 · answered by Anonymous · 0⤊ 0⤋
try asking the party at the other end of the contract nicely.
if there's an underlying reason why you are backing out from this company/broker/realtor, you must come up with a really good reason to back out like:
- non performance on their end
- your needs changed (u don't have to move anymore)
always try to ask first.
2006-09-28 03:05:46 · answer #8 · answered by Marvin - Realtor / Apt Locator 3 · 0⤊ 0⤋
If you have already signed the contract, you should seek professional help.
2006-09-28 02:59:13 · answer #9 · answered by G.I noel 3 · 0⤊ 0⤋
depending how far you are in the contract...are you the seller or buyer ?
2006-09-28 03:23:27 · answer #10 · answered by Anonymous · 0⤊ 0⤋