Property Q&A in Fairdale>Question Details

Kim, Home Buyer in Louisville, KY

I would like to know what is the penalty for getting out of a deal that hasn't been close yet?

Asked by Kim, Louisville, KY Sun Feb 15, 2009

I'm in the process of closing at the end of this month. They already started the build out process. I picked out the cabinets, flooring, and carpet. I have an open kitchen as well as an enclosed patio included as the build out process. The loan is for 100,0000, but I see Hampton place condos that looks better, and I would like to take a look at the property. Those condos were built in the 70's. I saw that Hampton Place is better and more reasonable. The property looks lkike it just had been built.

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Confer with attorney where you dont get sued if that is option of executed contract.

Executed contract you signed governs performance of buyer and seller should include what if's that buyer does not close. No matter what obtain all in writing via amendment to executed contract you released from sales offer contract.
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1 vote Thank Flag Link Sun Feb 15, 2009
Hi Kim,
You'll have to read your purchase contract in detail to see if it contains any contingencies that may let you get out of the deal. Since the build out has begun, my guess is that in a worst case scenario the seller could sue you to force you to move forward. At the very least they may be entitled to keep any earnest money deposits you've given them. Did you have a buyer's agent representing you? If so, then ask their advice and then you'll probably want to consult a real estate attorney

Best of luck
0 votes Thank Flag Link Sun Feb 15, 2009
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