02 Mar Can you get out of a real estate contract?
Can you get out of a real estate contract?
This is a general review of if you can get out of a real estate contract. The specifics of your situation might very well need the advice of an attorney.
What are some things that can cancel a contract?
Here is a list of some of them. Keep in mind contracts are created in good faith and canceling a real estate contract is a last resort.
· For a property with an HOA (homeowners association) you have a 10-day recission period to examine the by-laws, covenants, current financials, budget, and resale disclosure. If you are not satisfied with the rules, budget, or health of the association you can cancel the real estate contract.
· If you have an inspection contingency and find issues that you and the seller cannot come to agreement on you can cancel the real estate contract.
· If you have financing and you lose your job or now longer able to secure financing, you can cancel the real estate contract.
· If the home does not appraise for the sales price and you can not negotiation a value resolution with the seller you can cancel a real estate contract.
With all of those you normally would then receive all your earnest money back in full.
I hope this blog about can you get out of a real estate contract.
Look for more articles and videos in the future on various aspects of real estate and our state of Minnesota.
Real estate is a wonderful investment!
The Anderson Team