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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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โˆ™ 2005-11-04 18:42:40
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Q: If you have a contract to buy a house how can you legally break that contract?
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Related questions

Can you buy a house aged seventeen?

No you can not buy a house at the age of seventeen because you have to sign a contract and a contract is not legally binding until the age of eighteen.

What is the legal age to buy a house in South Carolina?

18. You only have to be old enough to be held legally responsible for a signed contract with the bank.

How old should you be to buy a house?

It depends how you want to buy it. If you've been left a lump sum and want to buy the house outright for cash - 16. If you need a mortgage - you cannot legally sign a contract for the mortgage unless you're at least 18.

How old do you have to be to bye land in the UK?

Legally you cannot buy land unless you are at least 18. You are entering into a contract - legally you cannot sign a contract until you're 18.

Can I legally buy a house at 13?

No. You would need to be old enough to sign a contract, usually eighteen years old. You would need to act through a legal guardian.

Does Justin Bieber have a house of his own?

Justin Bieber may have money to purchase a house but he is too young, legally, to buy or enter into a contract. So any property bought with his money would have to be put in the name of an adult.

Can a 17 years old buy a life policy?

A 17 year old is not able to legally contract. They will have to be 18 to enter into a contract.

How old do i have to be to buy a phone?

18. To get a phone you need to have a carrier and that requires a contract. A person under 18 can not legally sign a contract. You can buy a phone, but without the carrier it is a toy and useless.

When can contracts be set aside for illegality?

You can only sign a contract for legally allowed goods and services. You cannot contract to buy illegal drugs. You cannot contract to have someone assaulted.

Tax break for buy a new house?

after you buy a house how long do have to report a problem with the house and is the seller liable for the damage

How old does one have to be to buy a car in KY?

To buy a car anywhere in the United States, the buyer must be legally able to enter into a contract. To be legally eligible, the person must be over the age of 18, or must have been ruled by a court as an emancipated minor. As long as the buyer meets either of these requirements, he or she is legally allowed to enter into a contract and thus allowed to buy a car.

How do you get out of a signed contract to buy a house?

You can get out of the contract, but you will forfeit your deposit. If you are in the midst of construction, that may be a different matter.

Can you legally stop paying on a mobile home if the land is not yours?

If you signed a contract to buy the home you can not legally stop paying. -No matter WHO owns the land it's on.

Can a minor buy life insurance?

No. A life insurance policy is a contract and you must be an adult to sign a legally binding contract. However, the legal guardian or parent may buy one on behalf of the minor.

Do you need credit to buy a house?

Not if you want a good deal. Unless you buy on contract from a seller.

Can children buy phones in vodaphone?

Not if they're wanting a 'contract' phone - it has to be bought by someone over 18, as they can't legally sign a contract under that age.

What is a lien contract?

This is a contract to buy or lease a house. It says someone else other than you holds the title rights or mortgage rights to the house or property.

Can a 17 year old buy a car on credit?

not in the state of Texas because you have to be 18 to legally sign into a contract

Can you break a lease in California if you buy a home?

A lease is a contract. You have committed to it for the term of the lease. Buying a house doesn't excuse you from this contract. Try talking to your landlord and see if they will agree to an early termination.

How do you put contract into a sentence?

When you buy a house on credit, you sign a contract that you agree to repay the mortgage in a timely manner, or be taken to court.

Giving relevant illustrations explain the term voidable contract?

Say a person willing to sell his house for rs.7500000 will enter into a contract with a person willing to buy the house. But if the acceptor threatens to sell his house

If you sign a bill on sale but did not pay anything is the contract binding?

If you signed a contract to buy the car, it is legally binding. That fact that you have not parted with any money is a mute point. You signed the contract, and that is all that matters. Ask the seller if they will release you from the contract and be very nice about it.

How old do you have to be to buy your own house?

I think you need to legally be an adult, which in most states is 18

Can a minor buy a car with a companion?

Minors that have not been legally emancipated cannot be held to the terms of a contract. You must be at least 18 to sign a contract. If someone is willing to co-sign with you and take full responsibility, you would be able to buy a car. If there is no contract involved, you are paying cash for the car, there shouldn't be any problem.

A agrees to sell to B a hundred tons of oil and B agrees to purchase the same. is this a valid contract?

No, it's technically only an agreement. He's agreeing to buy X amount of something from you and will write up the final price, etc, later. It's only a legally binding contract if you have a "signed" contract. In some states it MAY be legally binding if you have witnesses on both sides of a non signed contract.