Please Help!!!! How to cancel on a Pre Sale Condo (contract, fees)

[honoluluhale]

Aloha everyone.

I've purchased a Condo in Waikiki. Pre Sale and still under contruction. It is about 6 month away from completion. However due to the soft economy the developer is giving additional 20% discount which Im not eligible. Additionally, my financial situation have changed. I have made about 15% deposit of the total purchase price in cash. I have also agreed and signed to purchase my unit in cash. I am trying to cancel the contract but no luck. How would I be able to cancel my contract even if I have to pay a penalty or would I just loose all my deposit to get out of the contract. Your help is very much appreciated.

thanks for your help and advice.

[melaniej65]

I would suggest consulting a real estate Attorney. This way your specific contract could be perused and sound advice given. This is not an area in which you would want to 'mess up' after all you would not want to be held liable for additional fees and penalties or perhaps your deposit. I assume that you would like to come out of this with as little financial loss as possible and a competent Attorney is your best bet. Good luck to you.