As the buyer, how can I get out of a real estate contract without penalty?
Question Details: Hell I would like to terminate my real estate contract due to a change in my job status which means that I am going to be retired from my job within 24 months.
The only ways to get out of the contract without penalty are:
1) If there is some contingency in the sale contract, like a finance or inspection contingency, which would let you get out under these circumstances or at this time and you fully comply with its requirements.
2) The seller breaches or violates the contract in some material, or important, way, such as not being able to close or transfer good title, since one party's material breach of contact will allow the other party to terminate without penalty.
3) The seller committed fraud, or lied about something important, to get you to buy from them, such as not disclosing that the home is in a flood plain, lying about the amenities available or the type of sewage (e.g. septic vs. public sewer), since fraud provides a basis to void a contract.
Otherwise, you are locked into the contract and if you breach it, they can at a minimum keep your deposit. In particular, the change in your job status is not a legal basis to get out of the contract.