Legal Question in Business Law in Pennsylvania

Hello, I signed a document that was for services to be done and also a loan. This contract was signed on Thursday afternoon . This contract also had a three business day cancellation clause. After the three day clause which they dated the 12 of Dec. I was contacted by the loan department requesting more proof of my property which I didn't have , this was on the 14th. At that time I told them that they should just cancel this contract since they wouldn't close the loan so they did. The contract was voided by the loan department at that time. After that the other party wants to try and work out another deal so we can move forward. After telling them I do not want to move forward, she wants to bring up the document I signed and it being after that date. I told her the contract was already voided out and by the contract they did not meet their end either being that I had no loan approved at that time. So my question is would I still be required to pay cancellation fees after the contract was voided out without a mention of any fees to be paid. No where did I ever read what the fees would be if cancelled after the deadline date. Thank you in advance. Barry

Asked on 12/16/20, 9:42 am

1 Answer from Attorneys

Frank Natoli Natoli-Legal, LLC

It will depend on the language of the agreement you signed. If you agreed to pay a cancelation fee even within the 3 day cancelation period then perhaps they have an argument. If not, they can't just invent a penalty that does not exist in the terms. If you need assistance with it, I suggest that you consult with a lawyer in private and discuss your objectives in more detail. You can start by calling around to several for a free phone consultation, get some insights then pick the best fit to work with.

If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.

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Answered on 12/16/20, 10:16 am

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