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Can you terminate a real estate contract as the buyer if the…

Can you terminate a...

Can you terminate a real estate contract as the buyer if the property has been hit by a hurricane? My husband and I were set to close on land in Puerto Rico, then Maria hit. Now, we want to back out of the purchase and not loose our good faith money.

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Puerto Rico

Lawyer's Assistant: Has any paperwork been filed?

Such as?

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Answered in 5 minutes by:
9/22/2017
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 57,040
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

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Yes, absolutely. Anytime there is a material adverse change in the condition of the property prior to closing, the buyer has the right to terminate the transaction without risk to their earnest money. You simply need to send a written notice of termination to the seller and title company and demand that they refund your earnest money deposit within a short specified period of time.

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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 57,040
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
Verified
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Customer reply replied 10 months ago
OK. Thank you. I'm not sure if there is damage since the purchase was for land and not a structure.

You're very welcome. It wouldn't matter...given the damage to the entire Puerto Rico infrastructure, you would have no problem with your termination. :)

Thank you so much for the 5-star rating! I know rating takes an additional step and I truly appreciate you taking the extra time! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: www.justanswer.com/law/expert-legalbeacon/ . Or, simply request “Richard only” in the first line of your question.

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Customer reply replied 10 months ago
Thanks.
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