signed a purchase agreement, do I HAVE to buy?

Question

I signed a purchase agreement back in January before the house was even built and I have been renting since then, rent to own. But, now I decided that I do not want to purchase this house. The agreement states that my earnest money will be non refundable so does this mean that I can back out? Do I have to go through court or anything? Any advice would be helpful... thank you

the house was being built last november and that is when i signed the papers, thought i was only signing a lease and papers that stated i would get rent credits, but turns out it was the purchase agreement... the house was completed in january and we moved in here and have been renting since

Answer 1

Almost always, you can back out but you lose your deposit. If the contract is flawed, you may get the deposit back, but only after a fight. Unless you deposited a large sum, the attorney's fees will be more than the deposit.

Answer 2

i'm APPALLED at lots of the solutions right here - enormously from the CA agent. In CA, the acquisition settlement has 7 contingencies equipped into it to guard the customer. the customer has 17 days to study the sellers disclosures and make their inspections. they are able to request maintenance. in the event that they % that they do no longer desire the residing house on an identical time as the contingencies are nonetheless in place, then they have not broken the settlement. actually, they are secure by potential of it. Even after the 17 day contingency era, the contingencies do no longer only evaporate. they might desire to be actively bumped off. If no longer, they proceed. If the customer cancels on an identical time as the contingencies are in place, they get the deposit back. they might might desire to circulate to court to get it, yet right here is punishments equipped into the settlement if the employer does no longer practice escrow to launch the deposit if there is not any stable reason.

Answer 3

If you back out, at a minimum you would lose your deposit. They might, but probably won't, sue to to complete the transaction.

How have you been renting to own in a house that wasn't built yet?

Answer 4

You can back out, but you will lose your deposit. No way around this one. But likely you are still subject to a lease as well and the terms of that contract remain in force.

Answer 5

Speak with your attorney...or make sure you get one... You need someone whom you can trust to advise you in your jurisdiction. The earnest money...aka your deposit...will be forfeited unless you complete the transaction. In my line of work, you would be surprised the $$$s people walk away from.