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Can I get out of a land contract that I only put money down…

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Can I get out of...
Can I get out of a land contract that I only put money down on and never recieved any paperwork for and have not closed on?There was a mistake on the paperwork and the builder was supposed to get me a corrected copy weeks ago. Also will I be able to get my money back?
Thanks!
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 4 minutes by:
6/23/2010
Real Estate Lawyer: Roger, Lawyer replied 8 years ago
Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31,954
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Verified

You can always cancel a contract. However, doing so could cause severe legal consequences.

 

Unless the seller breached the contract, you're going to be liable if you breach the agreement. A mistake on the contract does not negate the entire document.

 

Many contracts state the penalties if one party breaches the agreement. If so, whatever it says is what you'll be required to pay if you cancel. If there is no provision, the seller can actually sue you for breach of contract and seek the profit he would have made had the sale gone through - your deposit would be applied to that amount. Or, the seller can sue for specific performance, which a request to the court to force you to fulfill your end of the agreement.

 

If you want out, my suggestion is to contact the seller and try to work out a compromise and avoid getting sued. But, you should be prepared to pay over a little money.

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