Can I back out on an aggrement tp buy a piece of land after I have sign the contract.

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Can I back out on an aggrement tp buy a piece of land after I have sign the contract.

I have decided it will be to expensive to build on the property. Will I lose my earnest money or have any legal requirment if I back out?

Asked on May 26, 2009 under Real Estate Law, South Carolina

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

I can't give you a definite answer on this.  You would need to have an attorney read the signed contract and discuss all the facts of the case, to get reliable advice.  One place to find a lawyer who can help you figure this out is our website, http://attorneypages.com

Ordinarily, deciding that building the house would be too expensive isn't a reason that the law allows, for breaking a contract, and you might well lose your earnest money.  At the very least, the money might be held in escrow until someone else buys the land, and if it's for a lower price, you'll lose the difference.


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