Contingencies that may allow you to back out of a home purchase

| Jul 27, 2018 | Firm News, Real Estate Transactions

You put in an offer on a house. It was accepted by the seller. However, you’re now looking for a way to get out of the deal. You do not want to get sued. Can you do so?

It depends on your reasons and the contingencies in your contract. Below are a few reasons you may be able to walk away from the deal:

  • You lost your job. The home is no longer affordable. You may not even get the mortgage.
  • You did not sell the house you currently own. You may be able to add a clause to the deal saying that you will only buy the new house if yours sells, protecting you from having two mortgages.
  • You did not qualify for the loan. Your offer was based on the fact that you thought you’d get the mortgage. Without it, you have no way to pay.
  • You found flaws in the home that were not disclosed to you. Maybe it failed the home inspection. It is no longer the house you thought it was when you put in that offer.
  • You asked the seller to make repairs, but the seller refused to do so.
  • The property has an easement on it, and you were not told about it prior to making the offer.
  • The property lines were inaccurate. You thought you were buying more land than you actually are.
  • There are liens or other issues with the title.

It is very important to understand all of your legal options during real estate transactions. With an investment like this, it is too dangerous to make a mistake.

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