I have paid 10,000 of earnest money on a $308,000 home to get the building process going. My husband and I names are on the purchase aggrement and we are about to get a divorce. I don't want to purchase the home anymore because of our circumstances. We have'nt closed on the home yet and I was wondering if there was any way for me to get out of buying this home. I don't care about loosing the $10,000 I just want out. If I decide to go to the closing do I have to sign the papers stating that I want the home? Will I be penalized or sued for not wanting the home? We have'nt signed any papers besides the purchase agreement. Please help me, I want out of this marriage.
2007-01-31 17:57:28 · 4 answers · asked by Maria I 1 in Business & Finance ➔ Renting & Real Estate
The first guy is way off base about the inspections. First off its a new construction right? They are not going to find anything major. In a p+s it clearly states that the inspections have to come back with something of "deficient condition that adversely effects the price of the home" This does not mean that the toilet runs, or the faucet leaks so you can back out. I'm sorry but that clause is for roofs, heating systems,foundations etc.
Your best bet is to be honest with the seller and see where it goes. Worst case you breech the contract and loose your 10grand. I doubt he will sue you for specific performance
RE agent
Remax
2007-02-01 01:11:50 · answer #1 · answered by frankie b 5 · 1⤊ 0⤋
You have a couple cards you can play. Depending on the purchase contract, many have a 10 day inspection period that the buyer may walk away from the deal and not even lose their earnest money. Often the contract also says that you must be able to qualify your loan. Since you are now getting a divorce I doubt if you still qualify for the same loan. A third option is that during the home inspection the buyer can ask the seller to fix different items in the house. If the seller refuses the buyer often has the right to cancel the contract. The worst case scenario is that you will lose the earnest money, you will not be sued for not purchasing the house. That is why they have earnest money. Good luck.
2007-01-31 18:05:39 · answer #2 · answered by RN 2 · 0⤊ 0⤋
You never have to sign anything you do not want to.
There may be a $$ penalty for backing out though . . .
If you notify them NOW and explain your issue, (without too many of the gory details) you may get some of the earnest $$ back . . .
It is all in the fine print . . .
Do not sign , Call them tomorrow to let them know and read your paperwork tonite, regarding the earnest $$$.
2007-01-31 18:10:14 · answer #3 · answered by kate 7 · 0⤊ 0⤋
very few notes: with out seeing the records you signed, not even the finest lawyer ought to offer a lot of an answer in this. i'm not one; i'm a Chartered monetary representative for 20 years. If I were on your shoes, i ought to first verify with an experienced authentic resources agent. They or their manager should be able and prepared to provide their help for loose in desire of promoting you a house down the line. The have attorneys on team, also, who're professionals. no matter if that is as undesirable because it sounds, try to be relieved to take a walk to attorneyville.
2016-12-03 07:41:03 · answer #4 · answered by ? 4 · 0⤊ 0⤋