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Customer reply replied 3 months ago
just executed a real estate sales contract
Answered in 49 minutes by:
5/17/2018
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 14,319
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today.

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only. What specific questions did you have? I have an idea about your situation, but I don’t want to make any assumptions.

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Customer reply replied 3 months ago
Hello - I hope you are well.
I'm doing a home inspection today and am in the process of finalizing a 30 year conventional loan. I've included a copy of the sales contract.
Question 1 - how bound am I to this contract? If I decide to back out what are the legal ramifications?
Question 2 - the seller has gotten just about everything they want (full price on the condo, move in date) - I'd like to know what kind of leverage I have in making a request for partial funding (say $2500) of the closing costs.

Great, thank you! The system may automatically ask you for a phone call; however, it’s not required that you take it. Bear with me a moment while I review…

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1. Until you actually close on the property, you aren't bound to buy it. Whether there are legal ramifications depends on when you decide to back out and whether there is any harm caused to the other party as a result. If the other party has paid thousands of dollars for improvements on the home per your specifications, and you back out, then they may sue you for the cost of those inspections. My recommendation is that if you are unsure now, you should exit the deal now.

2. If you're concerned that the seller is getting more than what you're comfortable giving, I have found that honesty is the best policy. You could explain tot he seller that because you have made this process smooth in terms of price and move-in date, to better secure your performance, would they be willing to partially fund the closing costs. You could remind them that this is a good market for them and this would be a small concession that would help close this deal.

Because I value your input, I would like to know whether you have any other questions for me today that I could help you with?

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Customer reply replied 3 months ago
Legal Eagle - I like the moniker!
Thanks - I appreciate your counsel and your time. I may have follow up questions but this is great for now!
Thanks so much!

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Legal Eagle
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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