2 days ago, I signed a contract (accepted a counter offer) on a house that I wanted to purchase in Venice, FL. I have since found out that the HOA fees are higher than anticipated. I have not paid earnest money - can I get out of the contract?
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. If you have not put up the earnest money, yes you can terminate the contract because it will be conditioned upon you putting up the earnest money. Thus, because this condition is not met, the condition precedent to the contract being binding will not have been satisfied and the agreement will terminate. Even if the contract was drafted differently, the seller would have suffered no damages by your termination two days later and would not prevail in any claim against you.
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Thanks for allowing meto be of service to you. Please be aware that the information provided here isnot legal advice. Rather it is simply general information. All states have intricacies in their lawsand any information given is simply information only and specifically is notintended to be, nor does it constitute, legal advice. This communication doesnot establish an attorney-client relationship with you. I hope this answer has been helpful to you.