Purchase Agreements Create Serious Obligations

If you decide to buy a property but change your mind after signing a Purchase Agreement, you may be out some cash unless the contract expressly gives you the right to get out of the deal.

A seller typically has three remedies:

  •  Accept the deposit and terminate the contract;
  •  Sell the property to someone else and sue the buyer for any loss, or
  •  Sue the buyer to make the buyer to go through with the purchase.

However, as the buyer, you may have a right to terminate the contract without penalty. For example, if the contract is subject to financing or inspections, or if you did not get the Seller’s Disclosure Statement or Lead-based Paint Disclosure when required, you may have the right to terminate the contract and even get your deposit back.

Contracts create serious obligations. You should not enter into one lightly.

If you do need to get out of one, it is important to consult an attorney versed in real property law so you understand your rights and obligations.

Cunningham Dalman, PC publishes this web site and its component parts to inform users about our firm, our attorneys and general new developments in the law. The web site and blogs are not intended as legal advice on any matter. There are many factors that may affect your situation. You should not act or refrain from acting because of information found here without first seeking appropriate legal or other professional advice from someone who is familiar with your particular circumstances.

In the operation of this web site and our blogs, we do not intend to create an attorney-client relationship with you and no such relationship shall be created by your use of this web site. Such a relationship can only be established to the extent an attorney at Cunningham Dalman, PC expressly agrees to undertake the relationship. Please do not communicate to us any information you regard as confidential unless and until we have established a formal attorney-client relationship with you. Any information you send to us before we establish an attorney client relationship may not be privileged or confidential. Information you send to us over the Internet may not be secure.