I submitted an offer on a property which was accepted by the seller. Can I get out of this?

Asked by BW, Boca Raton, FL Sun Dec 1, 2013

My offer was accepted, but a few days later, my realtor sent in my cancellation letter (there were some issues I had with this property after the fact). I used the FAR/BR contract with financing and inspection contingency.

My deposit was never submitted. In this situation, am I free of liability? If not, how can I get out of this ordeal and be free of any potential legal issues?

Help the community by answering this question:

+ web reference
Web reference:

Answers

8
Gary Hitchco…, Agent, Coral Springs, FL
Sun Dec 1, 2013
Yes, you'll need a good real estate attorney for this one. No one on this blog can give legal advice.
1 vote
Anna M Brocco, Agent, Williston Park, NY
Sun Dec 1, 2013
Your agent and or attorney can better advise, consider a consultation....
1 vote
Tom Priester, Agent, Tequesta, FL
Mon Dec 2, 2013
For buyers who have purchased a few homes in the past, is it really worth it to have a realtor represent you?

Asked by hwkeye05, Fort Lauderdale, FL • Sat Nov 23, 2013

I've purchased properties in the past, do my own research, etc. I even tell my realtor how to write up the FR/BAR contract. Why would someone like me need a realtor to purchase my next home?

I'm not trying to offend here, just asking an honest question.
0 votes
Susan J Penn,…, Agent, Weston, FL
Sun Dec 1, 2013
Did you read your contract?
0 votes
Ion (Jon) St…, Agent, Plantation, FL
Sun Dec 1, 2013
Get the inspection done if it is still within the time frame.
Jon Straulea
Realtor/ Broker Sales/ Trulia Pro
Coral Shores Realty
954-560-3810
Jonstraulea@aol.com
http://Www.FloridaDreamProperty.net
0 votes
Marge Bennett, Agent, Fort Myers, FL
Sun Dec 1, 2013
if you are still in the inspection period or can get denied financing, then probably yes.
0 votes
Marge Bennett, Agent, Fort Myers, FL
Sun Dec 1, 2013
if you are still in the inspection period or can get denied financing, then probably yes.
0 votes
Jean Feuillet…, Agent, Fort Lauderdale, FL
Sun Dec 1, 2013
It all depends on how your contract was written.

In general with the "As-Is" contracts from Florida Realtors®, the latest versions of 08/13, the inspection contingency permits you to annul the executed contract without having to say why you are canceling. It's a "no questions asked" type of contract.

For this, your Realtor needs to submit to the seller and the buyer the cancellation form to sign and to release the funds retained at the title company.

Are you free of liability if you did not send in your funds? Only a lawyer could tell you for sure. In the terms of the contract, you have by default three days to provide it to the escrow holder unless the length of time was modified at signing.

Hope my answers help, but if not, after all else fails, consult a lawyer to resolve the issue.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more