i signed a contract to have a home built on 9/7.
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i signed a contract to have a home built on 9/7.
I may be losing my job. Can I terminate the contract? Do I forfeit all my
earnest money?
Asked on September 26, 2017 under Real Estate Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
No, you cannot terminate a contract due to the loss of a job, change in financial circumstances, or other exegent life circumstances. A contract may only be terminated due to wrongdoing or breach of contract on the other party's (i.e. the contractor's or developer's) side, not by changes or circumstances on your side. If you do not go through with the purchase, you will indeed forfeit your earnest money or deposit.
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