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Old 10-08-2008, 05:53 PM
 
1 posts, read 1,638 times
Reputation: 10

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I am scheduled to close on a house next week. Due to several reasons I may have to back out of the contract. If I do not show up to the closing I would be considered to be in default of the contract. What exactly does default mean? Does it mean I would lose the deposit? If I lose the deposit and the builder sues me for additional damages can I then decide to buy the house? Losing the deposit is one thing, but being sued for other damages seems unfair. Can I still buy the house after defaulting instead of losing the depoist money and possibly more?

Thanks you.
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Old 10-08-2008, 07:19 PM
 
392 posts, read 1,272,149 times
Reputation: 83
Quote:
Originally Posted by jeffstar View Post
I am scheduled to close on a house next week. Due to several reasons I may have to back out of the contract. If I do not show up to the closing I would be considered to be in default of the contract. What exactly does default mean? Does it mean I would lose the deposit? If I lose the deposit and the builder sues me for additional damages can I then decide to buy the house? Losing the deposit is one thing, but being sued for other damages seems unfair. Can I still buy the house after defaulting instead of losing the depoist money and possibly more?

Thanks you.
I'd talk to an attorney and your buyers agent. They should be able to advise you.
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Old 10-09-2008, 07:16 AM
 
Location: Lehigh Valley, PA
242 posts, read 771,668 times
Reputation: 45
Quote:
Originally Posted by jeffstar View Post
I am scheduled to close on a house next week. Due to several reasons I may have to back out of the contract. If I do not show up to the closing I would be considered to be in default of the contract. What exactly does default mean? Does it mean I would lose the deposit? If I lose the deposit and the builder sues me for additional damages can I then decide to buy the house? Losing the deposit is one thing, but being sued for other damages seems unfair. Can I still buy the house after defaulting instead of losing the depoist money and possibly more?

Thanks you.
Jeffstar

it depends on how the contract is written and why you are not going to settlement. Your agent should be able to guide you through the contract (I hope you had a buyers agent)....If there is no check next to the clause that Seller is only limited to retaining sums paid as liquidated damages...that means the seller can sue for additional costs.....if it is checked he is only limited to the deposit money....I would like to be more help but it all depends on how the contract is written.

Thanks
Jeff
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Old 10-09-2008, 04:16 PM
 
191 posts, read 640,701 times
Reputation: 44
With anything that involves a written contract, an attorney is the ONLY advice you should seek. A user forum is the last place to seek advice.
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