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I have a serious issue I need help with in regards to a

I have a serious issue...
I have a serious issue I need help with in regards ***** ***** townhouse we are buying. WE have come to realize its just to small for us. Our agent has told us we are past the due diligence periods and cant cancel the deal without losing our earnest money, do you know any legal way(s) we can void the deal and not lose the $2500 EMD? We are supposed to close on or about 10/02/17. Another reason is after the agent knew we were passed this point he showed us a house exactly like we want but said we couldnt get it because of the other deal. Please help, the townhouse isn't bad just small and needs some bigger repairs than our agent could negotiate for.
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Answered in 4 minutes by:
9/23/2017
Law Educator, Esq.
Category: Legal
Satisfied Customers: 120,234
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

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Unfortunately, this is why people use written contracts, to bind everyone to deals they make. If these were that simple to get out of, written contracts would be meaningless.

If you saw the house and committed to purchase then there are only limited ways out of the contract once the due diligence time passed. First, if somehow the seller has breached the contract or misrepresented the property on some material feature (such as told you it had more square footage or more land than it actually has). Second, if the property has hidden defects that could not have reasonably been discovered during the due diligence period through reasonable inspection (such as flooding issues not disclosed). Third, if there is a problem with the title that causes you to not be able to obtain clear title to the property. Fourth, if you have a loan contingency clause and despite your good faith efforts you cannot qualify for the loan. Finally, the only other way is if the seller agrees to cancel the contract and is willing to release the earnest money or accept less of the earnest money in exchange for agreeing to mutually terminate the contract.

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Law Educator, Esq.
Category: Legal
Satisfied Customers: 120,234
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Customer reply replied 2 months ago
As always you hit the mark. Your advice is much appreciated, I will look into all these options. Thank You

Thank you.

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