Can we get backout/get our deposit back or we have no option since we went non-contingent?
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Can we get backout/get our deposit back or we have no option since we went non-contingent?
We’re in a non-contingent deal for a house. This house is sold by
Asked on December 14, 2018 under Real Estate Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You may be able to get out of the contract if you can show that they indeed committed fraud to induce you to sign the agreement: that is, you can show they knowingly or intentionally made material or important misrepresentations (lies) which you reasonably relied on (had no real reason to distrust or opportunity, before entering into the agreement, to verify for yourself) in deciding to enter into the transaction. If you can show all this and establish fraud, fraud provides grounds to void or undo a contract. But there are subjective or not-always-easy-to-show elements to this: that they misrepresented; that the misrepresentations were material; that they knew they were lying when they made the misrepresentations; that it was reasonable for you to rely on those representations. Therefore, while you may be able to escape the contract, do not consider a given that you will; factor that into deciding whether to try to escape it, or whether you should take the offered credit.
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