Home Buying
Contract Law

If you have a contract to buy a house how can you legally break that contract?


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2005-11-04 18:42:40
2005-11-04 18:42:40

If the offer or contract was prepared by a competent real estate agent or attorney, it should contain a number of stipulations that allow you to back out. For example, if the house is appraised for less than the offer price, if the home inspection reveals problems,if you fail to sell your current home or if your mortgage is not approved. Otherwise, if you fail to deliver on your end of the agreement, you will forfeit any earnest money and may be sued for damages. I would consult an attorney about your specific situation - this could get very expensive.


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