My boyfriend and I purchased a house a few months ago that has not closed, but is no longer conditional either. Our relationship has fallen apart and we no longer want to own a property together. Is it possible to not close on the house at this point or do we have to? Also, is it possible for one of us to close on the house even though the offer and mortgage is in both of our names?
2007-10-13 14:31:51 · 6 answers · asked by grant 1 in Business & Finance ➔ Renting & Real Estate
I would think that you could get out any time before closing. Both of you need to close. I would let your real estate agent know ASAP.
2007-10-13 14:37:22 · answer #1 · answered by G.V. 6 · 2⤊ 0⤋
I agree with Thomas2sell. You will probably lose any money held in escrow and the seller can sue you for lack of specific performance.
It's never a good idea to buy real estate with a boyfriend or girlfriend. You can do it in a partnership with a friend or with a husband and wife but not the bf-gf relationship.
It will be worth the loss of the escrow money and the embarrassment to get out of this arrangement. You may not get sued and who knows, you may even get your money back!
2007-10-17 21:06:03 · answer #2 · answered by Othniel 6 · 0⤊ 0⤋
Yes, you can still get out of it, but you may lose your earnest money deposit. Even when you close on the loan, you'll have a 3-day period where you can change your mind.
It will not be difficult to back out of the deal, but it will be difficult to get your deposit back.
It might be possible for one of you to make the purchase without the other, but the one who makes the purchase will have to qualify individually for the mortgage loan.
Good luck.
2007-10-13 21:42:05 · answer #3 · answered by Anonymous · 1⤊ 0⤋
You all can back out of the deal if it is not working out without you all but I would like to inform you of the possible consequences. You will lose you earnest money deposit. If the sellers choose too they can sue you for specific performance. This means that they will sue you to make sure you go threw with the purchase of the home. They might also be entitled to sue you for all the cost that it took for them to get their home sold and their attorney fees.
2007-10-13 22:41:43 · answer #4 · answered by young2bballin 2 · 1⤊ 0⤋
If you don't buy together can you afford it alone? The financing approval will be the deal breaker and get you out of the deal too. Depending on how the contract was written. See the REALTOR and tell the painful truth. Then ask for the money back and see where it goes.
2007-10-13 21:38:34 · answer #5 · answered by helprhome 5 · 1⤊ 0⤋
The three day right of recission doesn't apply to the purchase of a home, only the refinance of the home you already live in...not investment property or second homes either.
2007-10-13 22:22:07 · answer #6 · answered by Debdeb 7 · 0⤊ 0⤋