I bought a house. Problem is I have not sold the house that I already have. Also the house I'm purchasing has an apartment and I don't know anything about renting. Can I get out of the contract?
2007-06-09 08:07:41 · 3 answers · asked by whithuose 1 in Business & Finance ➔ Renting & Real Estate
Check the terms of your contract. If it has a clause that obligates you to buy the house only after you successfully sell your house, and you cannot sell your house after using reasonable efforts, then you can "get out" of the contract.
However, absent any such contractual language, you are bound to the contract, and can be sued if you fail to perform.
2007-06-09 08:49:53 · answer #1 · answered by Mr Placid 7 · 0⤊ 1⤋
If you are buying a house and are in the position that you have to use the money from the sale of your existing home to make the purchase (which most of us are in) you should write your purchase contract "contingent on the sale of existing property". Real estate agents usually have forms to do this.
If your purchase contract was not written with this provision, you might have some problems. Assuming you have not actually closed on the purchase, you can go to the sellers and explain your situation. Hopefully they will be understanding and cancel the contract. When things like this happen, most home sellers just want to get the property back on the market and get it sold.
If you have already closed on the sale and the sellers have received their money I'm not sure there is anything you can do.
Good Luck!
2007-06-09 19:13:32 · answer #2 · answered by txrealestateagent 3 · 0⤊ 1⤋
if it has not been 72 hrs since you signed the contract yes if not then you are now commited to the contract . I wish you luck . I know alot of ppl in fla are having a hard time selling any homes right now . good luck and best wishes .
2007-06-09 15:16:58 · answer #3 · answered by Kate T. 7 · 0⤊ 1⤋