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Can we get out of a purchase agreement?
Can we get out of a purchase agreement to buy a house? We have an accepted offer on a short sale: the bank has agreed and the wife of the seller has agreed to the sale. We were supposed to close 4/30 and we now learn that the husband does not agree to the sale and refuses to sign. The husband and wife are also in the midst of a divorce and the wife is trying to get a court date to have the husband removed from ownership of the house. Our Purchase Agreement has only the wife's signature but the Disclosure sheet we have is signed by both the husband and wife. Can we get out and if so, do you think we will have to forfeit our earnest money??
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If the closing was scheduled for 4/30 and they weren't able to close, they are in breach and the contract can be considered void. So you can back out and get a refund. Depends on how much you want the house. You can extend the contract and give them another deadline. |
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The one party not signing does not make the contract void, but if he refuses to close, and it is past the date you had on the contract?? I will assume you dated the contract that it had to close by a certain date. If this is a short sale the issue is also the money changes if it goes past the date. I believe you should, but it will depend on the exact wording of your cotract. |
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