can I break a home purchase agreement?

Asked by cat.no, Indianapolis, IN Tue May 29, 2012

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7
Alexandrea P…, Agent, Indianapolis, IN
Fri Jul 20, 2012
Kimberly is Right! Attorney Attorney Attorney! If the attorney will work with you on a contingency then you may not have to pay them up front. No promises though, but you should ask the Attorney their rates unless money is of no consequence! A purchase agreement is a legally binding contract, call a real estate attorney. Good Luck
0 votes
Mallorie Wil…, Agent, Indianapolis, IN
Tue May 29, 2012
The best advice for you is what several other agents have provided you - speak with a real estate attorney. They will look over your contract and determine the best avenue for you to proceed. Several contingencies are built into the purchase agreement: Home Inspection, Appraisal, and financing are a few that come to mind. An attorney will review your agreement and discuss with you what it will take to get you out of the purchase agreement and whether or not you will incur any penalties.

My advice would be to contact the agent that assisted you in preparing your purchase agreement and express your desires to break the purchase (if you haven't already). Communication is key in real estate transactions. Your REALTOR may be able to speak directly with the Listing REALTOR about your wishes to no longer purchase the property. Who knows, the seller may be understanding.

I still encourage you to contact an Attorney.
0 votes
Here's a link to a web page that goes through some of the different contingencies in a purchase agreement. This may help you in answering your question: http://homebuying.about.com/od/buyingahome/qt/011508_Contingt.htm
Flag Tue May 29, 2012
Scott Godzyk, Agent, Manchester, NH
Tue May 29, 2012
The best answer is it depends... If you are getting out based on a contingincy then yes, if you just want out becuase you changed you mind, no. if yolu do not understand your contract, see a lawyer who can explain what you have signed and what it will take to get out of it without penalty
Web Reference:  http://www.ScottSellsNH.com
0 votes
shame on you! each state can be different depending on the laws. you should never tell them they can automatically get out, or NOT get out! they should be contacting an attorney in indiana! and frankly, you are WRONG in your advice!
Flag Tue May 29, 2012
Kimberly R.…, Agent, Indianapolis, IN
Tue May 29, 2012
Seek the advice of an attorney! Your Realtor should be telling you to seek an attorney. I don't care how many Realtors on this site tell you to "call them for advice"....DON'T! Call an attorney. A purchase agreement is a CONTRACT to buy/sell a house don't rely on just advice from a Realtor. Also, shame on you if you have entered into this contract without the assistance of a Realtor.
0 votes
Fran Lazerov, Agent, Indianapolis, IN
Tue May 29, 2012
It depends on the situation. What is the reason for your decision or desire to cancel? Home inspection issues, financing? Did you buy the home using an agent? You need to consult with an attorney before doing anything.
0 votes
excellent answer!
Flag Tue May 29, 2012
Ronald Smiley, , Noblesville, IN
Tue May 29, 2012
This always depends on the "why". I am assuming you are represented by a Realtor® and he/she has advised you and you are seeking a second opinion, is that correct? That being the case, I will be able to advise you but would need more details. Please call me at 317-966-6004.

R/Ronald Smiley
0 votes
Suzanne MacD…, Agent, Succasunna, NJ
Tue May 29, 2012
You can but depending on where you are in the transaction the decision to do so could be costly. You don't way why you want to break the agreement. The reason could have a lot of bearing on the answer as well. I would strongly suggest you discuss this with your realtor and also with your attorney if you are using one and then make your decision knowing all the consequences of cancelling.
0 votes
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