Can I get out of a real estate contract as the buyer?
Question Details: I put in an offer to buy a house as a cash offer. The realtor later called me to say that my offer was accepted and that we were in contract. However, after some thought and talking to the previous owner and finding out that the house has issues and really needs to be torn down, I decided that I no longer want to buy the house. Can I get out of the contract?
Once you enter into the contract to buy the home, you can only get out of it if:
1) The seller committed fraud, by not disclosing material (or imporant) issues known to him, such as flooding/water infiltration or the presence of asbestos, significant mold, or a buried oil tank; or lied about something important concerning the property, like claiming it was on public sewer when it has a septic system.
2) The seller violates the agreement in some material or important way, like not being able to convey good title.
3) There is some clause or provision in the contract itself which allows you to terminate it in under certain circumstances, and you comply 100% with any requirements of that clause or provision.
Otherwise, you have to go through with the transaction.