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Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 46184
Experience:  Attorney with 29 years of experience.
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I am purchasing a townhouse in Loundoun county. I will be closing

Customer Question

I am purchasing a townhouse in Loundoun county. I will be closing on it this Monday but wanting to get out of the contract due to some issues with the property as well as changing my mind. Please advise. Thanks
Submitted: 1 year ago.
Category: Legal
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.


Good afternoon. What is your goal....simply to walk away? Or, are you also trying to get your earnest money returned? Thanks.
Customer: replied 1 year ago.

I don't think i can get my earnest money at this point. I will also pay for the expenses the lender paid for per the agreement I signed and gave my credit card number when i completed the loan application. I am Ok with loosing the earnest money as long as i walk away

Expert:  Richard replied 1 year ago.
Thanks so much for your reply. You can walk away with no worry except to basically lose your earnest money. It should cover any damages the seller has incurred due to any default. If, however, there are still material issues with the house, you could take a stand that the house is not acceptable and that you have the right to terminate and demand your earnest money be returned. In many cases such as these, a good defense is a good offense and you may get all or some of your deposit returned. Because the seller still has the house and can sell it to someone else, the seller is not going to be able to prevail in any action to claim damages in excess of your deposit. And, notwithstanding whether or not your contract may give the seller the right to pursue specific performance (i.e., the right to force you to close), the reality is that seller's rarely pursue this in residential transactions and even when they do, courts simply don't award it.


Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!

Customer: replied 1 year ago.

Thank you. I put in 2% of the purchase price for the earnest money deposit, and my understanding is that earnest money can be just a 1%. Can I asked them to just give me back half of the earnest money just as an offense measure; so even if they say no that means they will keep the whole 2% and I can walk away. I have asked the agent that I want to walk away over a week ago before the hud doc was finalized (it was finalized today) and she said the seller could go after me for more than my earnest money. I was worried and just keep going with the flow but I am really have a bad feeling about this deal and just want to walk away. it will cost me $ 7,000 earnest money and possibly about 2,000 for the closing cost itmes I will have to pay back to the lender. Also how would I approach the seller to let them know that I do not wish to fulfill the contract. Thanks

Expert:  Richard replied 1 year ago.
You're welcome and thanks for your reply. One thing you never really want to do is believe what realtors tell you....they are basically interested in one thing and that is their commission so they are always using scare tactics to get you to close. I would not worry too much about the lender...there are not closing costs if you don't close so most of them have not yet been incurred. And, I would demand all your earnest money be returned in hopes for settling on a 50/50 split. :)
Customer: replied 1 year ago.

I kinda told my agent that I am really tired and I just want to end this thing and if the seller want to keep the earnest money they can go ahead and do so. Then when I tell her I want to get my earnest deposit back I don't know what would happen! thanks

Expert:  Richard replied 1 year ago.
You're welcome...it's my pleasure! I wish you the best!
Richard, Attorney
Category: Legal
Satisfied Customers: 46184
Experience: Attorney with 29 years of experience.
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Expert:  Richard replied 1 year ago.
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help! For easy access, my bookmark is: http://www.justanswer.com/law/expert-legalbeacon/

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