Can I terminate a contract just before the day of closing?

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Can I terminate a contract just before the day of closing?

I’m the buyer. There is no earned money on contract. We discovered by accident the property has termite damages and we accepted the repairs done. Then the title was questionable to the point our lender wont proceed with paperwork until clarification was acceptable. They got it today. On last visit to property the home was vacated but left dirty and several item on it. Just feel uneasy signing my name on a mortgage and won’t feel WOW with the purchase.

Asked on September 18, 2018 under Real Estate Law, Arkansas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

No, you can't, not unless:
1) there is some contractual contingency or provision allowing you to terminate it now without penalty and you comply 100% with its terms;
2) you can show the seller committed fraud, or lied about something material or important, upon which you reasonably relied in deciding to buy the home;
3) the seller breaches or violates their obligations in a material, or important way.
Otherwise, the contract is binding upon you. If you don't go through with the purchase, the buyer can sue you for violating the contract.


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