2006-10-04 04:08:55 · 10 answers · asked by empowered2008 3 in Business & Finance ➔ Renting & Real Estate
of a
new construction purchase on a home specifically a
highrise condo
2006-10-04 04:10:05 · update #1
We singed the contract in May 2006 and want out now. Please any suggestions???
2006-10-04 04:18:13 · update #2
In many states, you have 72 hours to back out of a contract and get your money back. You need to check specific state laws on this. Try your Better Business Bureau.
The exception I know of in my state is when you drive a new car off the car lot. Once it's off the lot, you can no longer cancel the contract within 72 hours. So that's why dealers will do anything to have you drive the car away. I like to have them keep the car for 72 hours and do all the undercoating etc just-in-case.
If you do want to cancel within 72 hours, please send them a registered letter to prove you cancelled within 72 hours. You can fax them the letter, but it's better to add the registered letter since that provides proof they received it.
2006-10-04 04:12:54 · answer #1 · answered by hawkthree 6 · 1⤊ 2⤋
Contact a Real Estate attorney. Don't rely on the internet for such an important decision. You will not get a refund of your deposit and shouldn't as you have tied up the seller's property while you were dissembling about buying the property. Look at your purchase agreement. All of this will be laid out (likely) in the agreement. If there is no written agreement then you can break it in small claims court because it is not legal to purchase property through an oral contract.
2006-10-11 09:17:38 · answer #2 · answered by Donald W 4 · 0⤊ 0⤋
Most jurisdictions have a 10 day cooling off period from the time the contract is signed. Just send a registered letter to the developer stating your intentions to withdraw from the agreement of purchase and sale.
If the contract has solidified, then your best bet is to try and negotiate a termination with the builder. A little word of advice. Don't go to the salesperson, go directly to the developer. The final decision is his.
Good luck.
2006-10-04 11:17:21 · answer #3 · answered by Jack 6 · 1⤊ 0⤋
You can't get out unless the Lender denys the loan, OR if the contract has been breached by the other party....
If you are just backing out because you changed your mind, you won't get the deposit back, and in some states you could be forced to buy it anyway is the seller is a real hard a**.
2006-10-04 11:34:44 · answer #4 · answered by redbeansandrice 3 · 1⤊ 1⤋
Read your Purchase Agreement, with a good reason you can usually get out of it (not sure about your state) Earnest money WILL be returned if the seller agrees and signs off on it. You may also be able to give them half and take your half. Have your realtor speak with the listing agent and find out what seems fair to the sellers.
If there is ANYTHING you dont understand, consult your lawyer.
2006-10-04 11:29:57 · answer #5 · answered by chanda 3 · 1⤊ 1⤋
In most cases, no. The money you put down for a deposit is called Earnest Money. It is given to the seller to show sincerity for the transaction and will not be refunded.
2006-10-04 11:18:20 · answer #6 · answered by dph 4 · 1⤊ 1⤋
Usually not after 3 days. Read your contract..it should state how much time you have.
2006-10-04 11:17:34 · answer #7 · answered by saved_by_grace 7 · 1⤊ 1⤋
in most states ,you can't back out from the contract after 3 days.
you can get your deposit back only if your loan will be denied .
2006-10-04 15:55:17 · answer #8 · answered by bianca 4 · 1⤊ 0⤋
to late. it is several months. you need to read your contract
2006-10-04 11:25:36 · answer #9 · answered by lover of Jehovah and Jesus 7 · 0⤊ 1⤋
Ask nicely
2006-10-04 13:59:38 · answer #10 · answered by Anonymous · 0⤊ 1⤋