Home Selling in Novato>Question Details

Wildhorses76, Home Buyer in Novato, CA

Can I cancel a purchase agreement because of errors?

Asked by Wildhorses76, Novato, CA Sat Dec 15, 2012

The realtor messed up the paper work

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0 votes Thank Flag Link Mon Dec 17, 2012
Hello Wildhorses76

Of course you can cancel any contract that has not been completed.

But there are costs and steps and process associated with the cancellation, that you agreed to when you signed the California Assoc. of Realtors contract.

Did you agree to Mediation, arbitration, do you have a lawyer, do you know RE lawyers charge
more than Divorce lawyers, do you know that the chance to collect is Zero, as there
is an option to file for Bankruptcy for the seller.

0 votes Thank Flag Link Sat Dec 15, 2012
put down the reasons,
use an ADDENDUM if you have to.
It couldn't hoit!
0 votes Thank Flag Link Sat Dec 15, 2012
We need more detail to be able to understand what has happened.

However, in the short-term and generally speaking, if your agent wrote a contact incorrectly and then you signed it - you are technically culpable for putting your signature to paper before carefully reading it. If this contract was then accepted and you are now looking to make changes or cancel, it is totally going to depend on what changes you want made or why you want to cancel and whether or not contingencies have been removed.
0 votes Thank Flag Link Sat Dec 15, 2012
What kind of errors are you talking about? Are you being harmed in the transaction because of them? Is your contingency period up? There are a lot of factors to consider. What is your motivation? Why don't you want to move forward with the property? If the contingency period is up and you have performed all your inspections, the property has appraised and you have loan approval....then the seller will be harmed if you back out. Of course, if you can' t get the loan, you can't buy the property.
I would first have the discussion with your agent, then his or her broker. They should come up with a strategy to help you out if that is what you want. Good luck!
0 votes Thank Flag Link Sat Dec 15, 2012
If you think your agent messed up you should speak to the managing broker at his/her firm. If you don't like the answer you get you may want to seek an atty's advice, but it's impossible to tell much without more details.
0 votes Thank Flag Link Sat Dec 15, 2012
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