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How to get out of a house contract
I have signed a contract to buy a house and the attorney review period is over. I have signed the application and all the disclosure documents with the mortgage broker. I just found out I will be getting laid off from work. Is there any way out of buying this house?
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Depends on the wording in the contract. Most likely you can back out, but will forfeit any deposits you paid. There may be wording in the contract that its contingent on your being able to get a mortgage. Since your new status will likely preclude getting a mortgage, that might be an out.
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