Home Buying in Lowell>Question Details

Deborah, Home Buyer in Lowell, MA

I entered into a P&S a few days ago - can I get my deposit back if I cancel this transaction

Asked by Deborah, Lowell, MA Thu Jun 4, 2009

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Territory.com’s answer
Unless you exercise one of the contingencies in your executed offer contract (ex: mortgage, inspection, radon, pest, etc) and could prove this with legit paperwork, chances are you will lose your deposit. That said, try consulting an RE attorney to quickly review your offer contract and tell you what your options are. We have recommendations if you need it:
0 votes Thank Flag Link Mon Jun 8, 2009
The first step in buying a home in MA is making an offer, with a good faith deposit. Once it is accepted, and both parties sign, there is usually a 10 day period for inspections and other contingencies. Then the P&S is signed, and a further deposit is made. Both of these documents (accepted offer and P&S) are contracts, so you should consult with a real estate atttorney if you have signed a P&S and want to cancel. If you are working with a real estate agent, talk to your agent also. Good luck to you.

Web Reference: http://homes.debn.net
0 votes Thank Flag Link Thu Jun 4, 2009
Hey Deb

Has the offer been accepted yet? If so, then no cancellation. If not, then go for it.

Web Reference: http://www.debmccourt.com
0 votes Thank Flag Link Thu Jun 4, 2009
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