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My offer to purchase a house was accepted, but I emailed the

Customer Question
realtor 3 days later to...
My offer to purchase a house was accepted, but I emailed the realtor 3 days later to cancel. The realtor also had not disclosed a small tax lien on the property. She is asking for $300 to cancel the contract. Can I back out of the contract without financial consequences?
Submitted: 1 year ago.Category: Legal
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Answered in 4 minutes by:
8/23/2016
Lawyer: Barrister, Attorney replied 1 year ago
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 39,538
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Is there any right of rescission in the written purchase contract?

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If not, then unfortuantely there is none implied by law and if there was a signed purchase contract by both parties, it is legally binding. Changing your mind wouldn't give you legal grounds to termiante the contract and get your money back.

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The lien wouldn't affect the contract as the seller only has to convey clear title at the point where you are sitting down to close on the purchase.

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So legally if you back out, the seller can keep your entire deposit on the property. If they are willing to settle for something less than the full deposit to release you, then legally that is a better deal for you because they don't have to accept anything less than the full deposit and could actually sue you for "specific performance" to force the sale to continue, although this is unlikely.

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I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...

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thanks

Barrister

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Customer reply replied 1 year ago
Thanks for the honest answer. Live and learn.
Lawyer: Barrister, Attorney replied 1 year ago

You are very welcome. Glad to help any time.

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It was my pleasure to work with you and help with your question, even if the news was kind of lousy. If you ever need me in the future, you can post a new question with "For Barrister" in the caption and the JustAnswer employees will get it to me.

.

.

thanks

Barrister

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Barrister
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 39,538
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Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs

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