We have had our offer accepted on a house but now don't want to buy it. Can we get out of this contract if we have not yet signed the Purchase?

Asked by Melissa, Cambridge, MA Mon May 3, 2010

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Tamela Roche, , Cambridge, MA
Mon Jul 5, 2010
By law in Massachusetts, real estate agents and brokers are not allowed to "interpret" the law; be sure to discuss this with your real estate Attorney immediately to receive legal counsel for all contractual terms, obligations and contingencies - especially for how breach of contract will be handled. If you are not currently working with a real estate attorney - retain one immediately.

Tamela Roche, Realtor®
Coldwell Banker Residential Brokerage - Cambridge MA
http://www.cambridgeagents.com
0 votes
Ronda Allen, Agent, Plano, TX
Wed May 26, 2010
Possibly. Tell your agent right away and discuss financial and legal ramifications that may exist. In some states, a verbal agreement is binding. In others, the written contract executes the deal and transforms the offer to a purchase contract when all parties sign.
Good luck to you.
Ronda
0 votes
Bill McGowan, Agent, Waltham, MA
Wed May 26, 2010
Review the purchase and sale agreement to see what the penalty for withdrawing your offer will be. Good luck.
0 votes
William Patt…, Agent, Boston, MA
Wed May 12, 2010
If you had a well written offer, done properly by a good agent, you should have stipulations to your offer. You should be able to follow this stipulations to extract yourself from the deal.

Good luck,
Bill P
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon May 3, 2010
What is your agent advising--If you did not sign a contract and exchanged no deposit money, ask your agent to cancel--if you do have an executed contract--signed by all parties and deposit money was exchanged, consider consulting with an attorney who specializes in real estate and see exactly what options you may have.
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