cancel buying home
we have changed our minds about buying a home in pennsylvania because of a health issue with my husband. it is a private sale with each party having a lawyer. we signed an agreement to buy about december 8 or 9 and sent a $1000.00 deposit. the inspection was done last week.
will we be able to stop this sale? will we have to pay a penalty?
1 Answer from Attorneys
Re: cancel buying home
You need to read your agreement to see what it says about your rights. If you have an inspection period, then the agreement might give you the right to terminate the agreement. If not, then you need to look at what the agreement says about a buyers’ default and the sellers remedies. In the preprinted realtor's forms in Pennsylvania, the agreement generally provides for liquidated damages equal to the amount of the deposit if the buyer defaults. If your agreement has this section, then you would lose your $1000 deposit if you fail to buy the property. If you don't understand your agreement of sale, then immediately see your lawyer and have him explain it to you. He can't help you once you have taken actions which you might avoid with his advice.