how to back out of house purchase agrement

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how to back out of house purchase agrement

We signed a house purchase agreement. Then , my husband work transfer him out of
state. We want to back out , the seller refuse to release us under any term.
Threatened to take us to court. we have no congenicity except inspection and it
is a new house. We offered him money he refused.

Asked on January 15, 2018 under Real Estate Law, South Dakota

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

There is no way out of a home purchase agreement except--
1) In accordance with any contingencies (like an inspection or finance contingency);
2) If the seller breaches or violates a material or important term or obligation, like not being being able to provide clean title or not being able to close  when agreed;
3) If the seller committed fraud--knowingly misrepresented (either by lying, or by deliberately failing to disclose something he must) some important issue with or condition of the property which is not readily apparent to a buyer, such as that the basement floods whenever it rains;
4) The house is substantially damaged or destroyed pre-closing (e.g. by a fire or flooding), or it becomes impossible to sell it to you because of some act of government (e.g. the seller counted on getting some permit or waiver from zoning which he did not get).
Otherwise, you are obligated to the contract. In particular, a change in your circumstances, like a job transfer, is *not* grounds or a basis to get out of the contract. Contracts are not affected by changes or issues in your own life or finances, only by the other party's wrongful acts or things making the sale physically or legally impossible.


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