Helping 20 Million Americans a Year for 20 Years. FREE!
Find the Right Lawyer for Your Legal Issue!

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential

Call us today for a free consultation (855) 466-5776

What are the most likely consequences to a buyer who defaults on a contract?

Question Details: We purchased home gave 10% down payment then for personal, medical and financial reasons decided not to close. We spoke to developer and they allowed us to list with them for resale with out closing first but they took house off market 4 days ago for "legal issues"; I'm not sure what those would be. Our deadline closing date is in about 3 weeks. We made clear we do not want to close and are prepared to default. What is the likely consequence we will face?

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.