Home Buying in Sandown>Question Details

Chris, Home Buyer in Derry, NH

can we back out of a contract because of misrepresentation?

Asked by Chris, Derry, NH Thu Dec 2, 2010

Home was listed for sale but was in active contractual agreement with contingency on buyer's behalf.

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4
Scott Godzyk’s answer
It clearly depends how your contract is written. My first question is your buyer broker should be guiding you through this process, if you do not have a buyer broker and are doing it on your own, you may want a lawyer to review your contracts to protect you. If your contract is contingent upon the release of another contract by another buyer than you should put your request in writing if it that 1st contract has not been released. If the seller entered into 2 contracts, that is a question ofr your lawyer. My main advice is what ever you do, do it in wroting and keep make sure all coorespondance is in writing in not over the phone.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Dec 5, 2010
Without many details---Much will depend on your contract--what is your agent advising....also consider consulting with an attorney who specializes in real estate, have all documentation reviewed, see exactly what options you may have, and go from there.
0 votes Thank Flag Link Thu Dec 2, 2010
Chris,
A contract depends on all terms being disclosed and agreed to by all parties. If there was an undisclosed condition, you are likely in a good position to have the grounds to terminate. Start with your agent in discussing exactly what is going on and if you need further counsel seek an attorney to review your options. Hopefully there is a misunderstanding of your situation and you can proceed in buying the home if you still want to.
0 votes Thank Flag Link Thu Dec 2, 2010
I am not sure I understand your statement. It was active but with a contingency? If it had a contingency then your offer will be a backup offer and should have been explained to you and your agent by the listing agent. You will need to sign a withdrawal agreement of your offer.
0 votes Thank Flag Link Thu Dec 2, 2010
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