under what circumstances can a buyer cancel an offer to purchase contract?

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under what circumstances can a buyer cancel an offer to purchase contract?

contract dated 5/20/2016, written by buyers’ attorney.
Wife changed her mind 5/26/2016. Attorney for buyers
advised me that there are ways to get out of the
contract and I will not get the earnest money.
Inspection report/notice of defect sent to me by
attorney 5/26. I gave notice to cure on 6/5 within 10
day period per contract. Attorney now saying contract
is null and void and asking for earnest money back.

Asked on June 7, 2016 under Real Estate Law, Wisconsin

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

After 6 days, they cannot get out of the contract unless:
1) There is a contingency in the contract, like an inspection of finance contingency, that would let them out of the purchase under certain circumstances and they fully comply with all requirements under the contingency.
2) You breach the contract in some material way, like not being able to provide good title or not being able to close.
3) You lied about something important, like water infiltration in the basement or additions being legal (i.e, fraud).
Otherwise, they should be locked in, and if they refuse to go ahead, you could keep the earnest money or deposit.


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