Do I have any legal rights to stop a purchase without penaly?

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Do I have any legal rights to stop a purchase without penaly?

I am purchasing a home through FHA, bank owned. The closing date has been delayed three weeks and Im still waiting. The bank keeps coming up with little things that they have forgotten or are waiting for underwritiers, verification, etc., even though every thinkg is set per our realtor. Is there anyway to get my earnest money and repairs invested back. Can I stop the purchase of the home?

Asked on May 18, 2009 under Real Estate Law, Michigan

Answers:

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

Answered 12 years ago | Contributor

If you don't already have an attorney for this purchase -- which would surprise me -- you need to get one on board right now.  There are a number of places to look for qualified lawyers, including our website, http://attorneypages.com

In most states, the closing date set in the contract is just an estimate.  Sometimes, it's possible to set a deadline for closing with a letter that makes "time of the essence."  But this is not a letter that you should write for yourself, it has to be worded in a certain way, often, and there are rules about when you can write it, and how short a deadline you can set.


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