Can a buyer back out of an accepted offer to purchase Michigan property?

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Can a buyer back out of an accepted offer to purchase Michigan property?

Made offer/seller accepted and signed copy of offer was returned on time. We saw
property condition report after offer was accepted and there was a mistake on it
so another updated signed copy from the seller was sent after the date the offer
could have been accepted and returned to buyer.
Recent financial difficulties have required us to back out of the offer but the
seller will not cancel or mutually release us from our offer even with doubling
the amount of the contingency fee. Please advise.

Asked on February 22, 2018 under Real Estate Law, Michigan

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

A contract is a contract: you are obligated to it *unless* the SELLER breached the terms of the contract in some material or important way (such as not being able to provide clean or good title) or committed fraud by lying to you about something important which they were aware of but which a buyer would not reasonably be expected to discover (like if they know of a leaking underground oil tank but did not disclose that).  However, changes in your life or financial situation, such as "recent financial difficulties" do not provide a legal basis to get out of the contract: a party cannot use its own difficulties or situation to escape contractual obligations. Based on what you write, you can be held to the contract.


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