You have finally found what you believe to be the perfect home. Then, something rings off in your gut. Maybe it was poor communication with the seller. Maybe a big change happened in your own life in a short period of time. All you know is that you really want to back out of the deal. You might have a lot of questions. Is this possible? Are there consequences? 

The short answers to these questions are yes, and yes. There is a possibility that you could be sued by your backing out of a deal. It’s rare that buyers are actually mandated to buy a home that they don’t actually want to buy. Sellers will, however, be able to keep any money that has already been paid as a deposit after a certain point in the dealings on a home sale. Sellers may also be awarded damages in some cases. 

Legally Backing Out Of The Contract


There are a few circumstances where buyers may have a legitimate right to back out of a contract on a home. If certain contingencies weren’t met, as a buyer, you’re free and clear to walk away. These circumstances include:

  • Financing falls through
  • You couldn’t sell your former home
  • Flaws in the home have not been disclosed
  • Property boundary line issues exist
  • Liens are against a home’s title
  • The seller does not meet the terms for improvement
  • Undisclosed uses exist for the land such as a pathway

If none of these reasons apply to you and you still have reservations about buying the home, you may need to sacrifice a huge chunk of money. The way that you exit the deal will all depend upon the contracts that were signed previously.

Other Buyers Are Waiting For The Home

If you are in a tight market and decide to back out of buying a home, you could be in luck. Often, if there’s a backup offer, it’s enough to satisfy a seller that at least the home will be sold promptly. However, don’t hold you breath when it comes to getting your deposits back. If you have already “promised” to buy a home, you can kiss the deposit goodbye, unfortunately. 

Always Hire A Real Estate Attorney


Whether your state requires it or not, you should always hire a real estate attorney. These professionals can help you to read each and every line of the contracts that you’re signing when buying a home. They will make suggestions as to how you can protect yourself through the process along the way. It’s a good investment to hire a lawyer when you’re buying a home.








118 Saxton St,



Boston, MA 02125

Dorchester's Savin Hill

Condo

$549,000
Price

5
Rooms

3
Beds

2
Baths

Fantastic renovated 3 bed, 2 bath, floor through in Dorchester’s hottest neighborhood of Savin Hill and is just down the street from the Savin Hill Red line subway T stop. Features an open kitchen/dining/living floorplan, enclosed front porch, sliders to a large open rear deck, gas fireplace, bamboo floors, recessed lights, central air conditioning, in-unit laundry, large master bedroom with master bath, en-suite second bedroom, and third bedroom down the hall. The kitchen has beautiful light cabinets, granite countertop, open island, stainless steel appliances, gas cooking, pendant lights. Easy access to I-93, Carson Beach, the Polish Triangle, South Bay Shopping, Tesla car chargers, red line subway, Star Market supermarket, and Dorchester’s best restaurants, shops, and cafes. Low condo fee of $200/month.

Open House

Sunday

November 11
at
12:00 PM to 1:15 PM

Cannot make the Open Houses?

Location: 118 Saxton St, Boston, MA 02125    Get Directions

Similar Properties

Tagged with:
 
Set your Twitter account name in your settings to use the TwitterBar Section.