Home Buying in 10312>Question Details

Puma1422, Home Buyer in 10312

I am backing out of closing on a house. Besides my deposit what do i lose?

Asked by Puma1422, 10312 Mon Jul 18, 2011

Help the community by answering this question:


On the PURCHASE AGREEMENT that you signed after your Realtor helped you prepare,

There are conditions under which you are entitled to get your DEPOSIT bank; if your Realtor did that for you,

And there are LIMITATIONS on the DEPOSIT

And your REALTOR may have had you initial the box for ARBITRATION/MEDIATION which would provide a further relief for you.

If you used a Realtor.

Your Realtor should have talked to you about these, and in many cases, he can get your DEPOSIT back, anyway. Another reason for using a Realtor.

But, to answer your question, your Deposit should be the only thing you will lose: Your Realtor would know.

Good luck and may God bless you
1 vote Thank Flag Link Mon Jul 18, 2011
definitely speak to your real estate attorney. you might be risking legal action for breach of contract.
0 votes Thank Flag Link Mon Jul 18, 2011
Alan May, Real Estate Pro in Evanston, IL
Read your contract, talk with your agent and/or attorney.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Mon Jul 18, 2011
Why are you backing out? Did you lose your job, not get approved for a loan? Break up with whoever you were buying with? Or just get cold feet?
0 votes Thank Flag Link Mon Jul 18, 2011
As for losing your deposit, much will depend on your contract, therefore do ask your attorney the question...
0 votes Thank Flag Link Mon Jul 18, 2011
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