Is There Any Way To Get Out Of Condo Sale - We are 2 weeks out of Attorney Review??? (mortgage)

[jog1151]

Long Story Short...some personal circumstances have changed, and I would like to terminate my condo sale.

My Realtor is representing both me the seller, and the buyer...and has not been very helpful throughout this entire process. I am attempting to have the office manager represent me, but that'swater under the bridge.

My Attorney was not the best either. According to my contract, the buyer can have their mortgage committment up to 1 week before the closing. If the buyer is unable to obtain a mortgage by that date, then either the buyer or seller can terminate the contract.

Is that standard??? I never heard of such a thing...really leaves me in a bad position. I already lost a bid on 1 house because I did not have a committment letter.

There are other details...bottom line is I would like to terminate the sale.

Is there any way to terminate the sale at this point? Do I have any options?

[Bill Keegan]

Originally Posted by jog1151

Long Story Short...some personal circumstances have changed, and I would like to terminate my condo sale.

My Realtor is representing both me the seller, and the buyer...and has not been very helpful throughout this entire process. I am attempting to have the office manager represent me, but that'swater under the bridge.

My Attorney was not the best either. According to my contract, the buyer can have their mortgage committment up to 1 week before the closing. If the buyer is unable to obtain a mortgage by that date, then either the buyer or seller can terminate the contract.

Is that standard??? I never heard of such a thing...really leaves me in a bad position. I already lost a bid on 1 house because I did not have a committment letter.

There are other details...bottom line is I would like to terminate the sale.

Is there any way to terminate the sale at this point? Do I have any options?

It's difficult for anyone to FORCE you to sell your condo, so the short answer is, yes there is a way out.
The real question is; What are the consequences of that action? FOr that, you will need to review the contract and talk to your attorney. They buyer may feel that you have harmed him in some way by backing out of the contract.
Also, I'm going on the assumption that you want to stay in the condo yourself. If yu are backing out of this contract to enter into another one, that can be more problematic.

[HeatherLynn822]

It depends on what's in your contract. Was there any kind of an inspection clause? Once that happens, if you don't agree on repairs/costs you may be able to cancel the sale based on not agreeing on that.....

Generally, it's easier for the buyer to cancel the sale than the seller though. Be careful though, canceling a sale for the wrong reason could get you sued.

Talk to your attorney, or if you have your doubts about him/her.... a new attorney.

[bay]

Our contract does have stated that we have to get commitement letter by certain date which is 2 weeks before closing. I guess it's kind of standard that you will have to proof your funding for the purchase before closing.