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Getting out of a land purchase contract
We recently signed a contract to purchase a substantial amount of acreage for a specific purpose. We were not educated in this process, and trusted the sellers' and realtors' verbal word as well as tax record on the amount of acreage we would be purchasing. The contract was signed prior to the survey being completed, and when the survey was completed we found the amount of land to be less than half of the amount represented in the sale. We now wish to void this contract somehow and resume our search for land in the amount we need. Can anyone out there help us?
The seller was unwilling to renegotiate the price and states that we bought the property by visual inspection only. However there was no way to be sure the amount was accurate by visual inspection only. HELP!? |
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Does the contract state the acreage? If so, then you should have no problem getting out of the contract. If it doesn't then you masy have some issues. In either case, you NEED to contact an attorney to help you get out out of it. If you had engaged an attorney BEFORE you signed the contract, you wouldn't have a problem.
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