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What can we do to back out of a vacant land sale because of loss of a job? There was no mortgage contingency.
We were going to purchase this with cash monies but my husband has now lost his job. We so far have paid for the perk testing($850) and septic permit($350) and have a $500 deposit on this property.
4 Answers
- TLv 42 decades agoFavorite Answer
Sounds like you have lost all of your deposits to me. With no mortgage or home inspection contingencies to use as an excuse to get out of the contract it does sound like you will be in default of the contract. Read the fine print and see if there is a way for you to walk away. With cash deals, especially on land.....I think you better consult an attorney. It might cost you a bit of money to hire the lawyer but in the long run, it will work out to be alot less if he or she helps you walk away from the deal.
- Anonymous2 decades ago
You should be able to merely cancell the contract, you will of course lose any and all money you have paid out.
But you need to read your contract because it will tell you what you are allowed or not allowed to do, and any other penalities that would or could apply.
- 2 decades ago
Ask for your deposit back and just tell them you have changed your mind. People do change their mind all the time in the USA that is why its nice to be here.
- RDHammLv 42 decades ago
You may lose your deposit money if you back out.
What does the contract that you signed state?
Would it be easier to just turn around and sell it?
