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I purchased a land in liquidation sale in North Carolina this

weekend. I live in Florida...
I purchased a land in liquidation sale in North Carolina this weekend. I live in Florida and the sales ad sent to me regarding the property was completely different than what I found when I got there. I asked the sales people again and again if the property is the same as what they e-mailed me and they all said yes. After I got there and saw the property, I was disappointed but I signed a contract. On the way back to Florida, I start thinking of the contract and do not have any trust with this seller. How is there anyway to get out of this deal? Is there a 3 day rescission? Thank You
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Answered in 10 minutes by:
8/26/2013
Thank you for your question and for asking for me. I look forward to working with you.

I am sorry to hear that you have done this. There is no 3 day right of rescission on a land liquidation sale as those sales are typically made as is. An as is sale places the responsibility on the buyer to conduct their due diligence and examine the property before purchase. The fact you went to see the property and despite that signed the contract anyhow would bind you to the contract you signed.

You can look at the contract to determine the terms of the contract and if it has any penalties for breach. Also, the fact that you did look at the property and signed it anyhow when you had the chance to walk away when you saw the property before signing would hurt your claims of misrepresentation. Had you not seen the property and relied on his description, then you could have sued to void the contract based on his misrepresentation.

If you stop payment on the check, he can send you a demand letter for payment and if you do not make good on the check he can go to the DA and file criminal charges for issuing bad checks against you and they can issue a warrant for your arrest.

You can seek to walk away and lose the deposit and breach the contract and allege fraud on his part, but this would likely end in litigation unless he agrees to cancel the contract in writing with you.




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