Rent vs Buy in Hickory>Question Details

Loraesp, Home Buyer in Colorado City, TX

we sighned a contract to start buying a house..we are supposed to give a down payment but i think we are not wanting to buy after all what will happen

Asked by Loraesp, Colorado City, TX Wed Feb 22, 2012

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6
In North Carolina we are a Due Diligence State. As long as the Due Diligence period hasn't passed you will get your Earnest Money Deposit. If it has you will lose your deposit.
0 votes Thank Flag Link Wed Feb 29, 2012
It depends on the terms of the contract you signed. The Standard Offer to Purchase is not always used for new construction with builders-- who often have their own contracts.

Contact your Realtor *assuming you used one and did not sign paperwork without an agent*. They should be able to offer you advice. Or contact an attorney to review the terms of your contract.

Most likely there is some sort of penalty. Did you put down any money yet?

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0 votes Thank Flag Link Tue Feb 28, 2012
Because laws very from state to state you must talk with your agent to answer your question. If you don't want to ask your agent, then ask an attorney. Sorry I couldn't be of more help.
0 votes Thank Flag Link Thu Feb 23, 2012
Hello Loraesp,

Are you sure you signed a contract or was it a sales agreement that your agent provided to you? Normally, when you sign a contract it is with an attorney and down payment is given at contract signing.

Not sure how it works in Texas, but in New York nothing is binding until you go to contract with a down payment.

Good luck to you.
Web Reference: http://ninaharrishomes.com
0 votes Thank Flag Link Thu Feb 23, 2012
That's a hard question to answer without all the terms and conditions of the said contract. Assuming we're talking about a standard NC Realtor's purchase and sale contract and assuming none of the standard terms and conditions have been changed, then normally, you'd have a due diligence in which you can back out of the contract for any reason and there would be no consequences.

Again, this is making a lot of assumptions and you're best course of action is to speak with your Buyer's Agent directly and have them advise you as to what you should do based on the actual contract.

Hope it helps.
0 votes Thank Flag Link Thu Feb 23, 2012
You should be discussing your dilemma with your agent, therefore consider a consultation....
0 votes Thank Flag Link Wed Feb 22, 2012
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