Home Buying in Chattanooga>Question Details

Peggy Smith, Home Buyer in Sherwood, OR

CanIbackoutofahouse if I've signed closing papers?

Asked by Peggy Smith, Sherwood, OR Sun Jul 1, 2012

Help the community by answering this question:



If you've closed on a property, you're now the owner. Enjoy.
1 vote Thank Flag Link Sun Jul 1, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
Peggy: Exactly where are you in this transaction? When you say you signed closing papers, are you referring to an actual closing where you met with an Attorney and/or Title Company and signed the final documents where you received a deed (and/or loan docs if you financed).......Or are you referring to the offer you made to the Sellers where they accepted your offer? Just want to clarify exactly where you are in this transaction so I can appropriately answer your question.

Also.....Why do you want to back out? Depending on where you are in the transaction, your reasons for wanting to back out effect the appropriate answer to your question.

Joe Folsom
Modern Rustic Homes
0 votes Thank Flag Link Sun Jul 8, 2012
You posted the question on July 1st, and the deed is most likely recorded in your name or in the entity acting as the purchaser.

Consult an attorney regarding the reasons why you want out.
0 votes Thank Flag Link Sat Jul 7, 2012
You would need to ask that question of your loan officer, real estate agent and/or closing attorney/title company to confirm the exact status of your contract. If your transaction has already funded, then you are the owner.
0 votes Thank Flag Link Sun Jul 1, 2012
If you have signed the closing papers the deal is then processed and closed upon. You would now own the home. This is a question for an attorney, I would advise you to seek counsel if you are trying to get out of a deal that is closed already. I am sure the deed transferred to you therefore you would own the home.
0 votes Thank Flag Link Sun Jul 1, 2012
Don'tyouhavearealestateagent? Isn't this a question you should be asking your real estate agent? How would we know what your closing papers stipulate? I can only speak from my experience and when my clients sign their closing papers they are buying a house and do not want to back out.
0 votes Thank Flag Link Sun Jul 1, 2012
That is a question for an attorney, but if it's closed and funded its yours. If there are extenuating circumstances related to the condition of the property an attorney could help you decide what your next step might be.
0 votes Thank Flag Link Sun Jul 1, 2012
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