Can I cancel purchase offer?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can I cancel purchase offer?
I made an all-cash offer on condo in established, older development. The property is bank owned and priced about 1/2 market value. Realtor prepared offer – I gave full amount of $42K via a check to him. I want a Home warranty and inspect condo documents – with no other stipulations. Not given copy of the purchase agreement or written disclosures or Lead Paint guidebooks as unit was built in 1976. Standard TN realtor contract. How do I cancel or can I? I am bipolar – mental illness and am afraid I have made a terrible and potentially very expensive mistake.
Asked on October 2, 2011 under Real Estate Law, Tennessee
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you believe that you made a mistake in the all cash offer to purchase the condominium that you have written about, you need to fist speak with your real estate agent about rescinding the purchase (if there is a basis for it) or if you have an option not to close escrow due to not waiving all contingencies concerning the unit assuming there are contingencies.
If your real estate agent believes that you are locked in on the close of the unit, you need to consult with an experienced real estate attorney over your situation so that he or she can review all offers, counter offer and addendums concerning the pruchase of the parcel and give you an opinion as to whether you are locked in on a close date or not.
Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.