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Depends on the contract and what state you are in.
Most contracts allow for the buyer to back out under certain conditions (the home fails inspection on an issue that affects habitability or a code violation, for instance). The seller may have the option to remedy the situation by reducing the price or repairing the problem. Most will have an out if you cannot get approved for a mortgage or otherwise finance the property as well.
If you simply get cold feet and change your mind, you will likely forfeit any earnest (or escrow) deposit you made with the offer. In some cases, a judge could force a transaction to go through (this is called "specific performance"), but that is more common when the seller tries to back out of the deal, and rare for the buyer.
Again, you it depends on exactly what your contract states and what state law says - so read your contract and consult a good real estate attorney in your area!
What else can I help you with?
When agreed upon in advance what is the seller's compensation if the buyer does not keep his agreement to purchase?
If the buyer does not fulfill their agreement to purchase, the seller's compensation, as agreed upon in advance, typically comes in the form of a forfeited deposit or earnest money. This amount is usually specified in the purchase contract and serves as compensation for the seller's time and opportunity cost. Additionally, the seller may also seek damages for any losses incurred due to the breach, depending on the terms outlined in the agreement.
Does buyer or seller provide Purchase and Sale Agreement in Real Estate transaction?
In a normal real estate transaction, the buyer or his agent would present the Offer to Purchase to the seller for him to either accept of alter, creating a counter offer. If the offer is acceptable, the seller then signs it, which is referred to as Acceptance.
What is End Buyer?
An end buyer is a person that is the last person to purchase a finished product.
Performance of a sales contract is controlled by the agreement between buyer and seller?
true
When a buyer agrees to buy and the seller agrees to sell they both sign a contract called?
When a buyer agrees to buy and the seller agrees to sell, they both sign a contract called a purchase agreement or sales agreement. This legally binding document outlines the terms and conditions of the transaction, including the price, payment methods, and delivery details. It serves to protect the interests of both parties and ensures that the terms are clear and enforceable.
What is a intent to rescind a contract?
When the buyer intends to end an agreement based on descrepancies with item for purchase or purchase agreement. http://www.jstor.org/pss/1064521
Can buyer back out of purchase agreement after home inspection shows major deficiencies?
You need to review the terms of the contract you signed and confer with the professional who reviewed it with you at the time of your signing.
What are the features of a hire purchase system?
buyer and seller make written and legal agreement between them
Who can tell me how to make purchase agreement template?
This website, Law Depot, makes it very easy to create legal documents like purchase agreements: http://www.lawdepot.com/contracts/purchase-agreement-form/?a=t&ldcn=purchase They ask you to enter the details of your purchase agreement (like the seller's details, buyer's details, etc.) and when you submit the form, they give you a purchase agreement that you can copy and use for your business needs.
Does the seller receive the down payment?
Yes, the seller typically receives the down payment from the buyer as part of the purchase agreement.
What is the sellars compensation if they buyer doesnt keep agreement to purchase?
That would depend on the laws of the country in which you live and perhaps the wording of any contract between the seller and the buyer signed by both.
What is the difference between purchase agreement and closing on a house?
A purchase agreement is, well, an agreement to purchase a property. It sets the price the buyer will pay to the seller. "Closing" on a house is signing all the paperwork (and there is a lot of it!). This includes not only the purchase price, but all the fees associated with a property transfer -- title searches, taxes and the like, the details of the mortgage (the agreement between the purchaser and the lending institution), the commission to be paid to the real estate agent, etc. All that stuff in addition to the actual purchase price is "closing costs" and there is usually a separate agreement specifying which of these costs will be paid by the buyer and which by the seller. You can get writer's cramp signing all the papers at a closing!
What are the responsibilities and obligations of a co-buyer on a car purchase?
A co-buyer on a car purchase is equally responsible for making payments on the loan and ensuring the vehicle is properly maintained. They are legally obligated to fulfill the terms of the loan agreement and may be held liable if the primary buyer fails to make payments.
Can you get your deposit back if the seller and her broker did not sign the purchase and sale agreement and made changes on the contract the buyer did not agree with nor initial for the changes on the?
Yes. You should also report the broker to the local board of realtors.
Can a seller back out of a signed agreement to sell a car if they refund your deposit?
Not legally unless the buyer agrees to it.
How long do you have to back out of a purchase agreement for a vehicle?
14 days
When agreed upon in advance what is the seller's compensation if the buyer does not keep his agreement to purchase?
If the buyer does not fulfill their agreement to purchase, the seller's compensation, as agreed upon in advance, typically comes in the form of a forfeited deposit or earnest money. This amount is usually specified in the purchase contract and serves as compensation for the seller's time and opportunity cost. Additionally, the seller may also seek damages for any losses incurred due to the breach, depending on the terms outlined in the agreement.
