Please Help - cancelling contract?

**scwildcat113217** · 08-10-2007, 10:49 AM

Hello,

I have a question. I have signed a contract on a house with a contengency of inspection. The contract isnt final and I have not put down the earnest money yet no has the inspection been done. The contract says that we have to have the inspection done by sunday. If it isnt does this void the terms of the contract.

My wife and I have changed out minds about the house. can we cancle?

Can we cancle the contract?

**scwildcat113217** · 08-10-2007, 11:28 AM

anyone? please?

**Kenny** · 08-13-2007, 08:20 PM

Talk to your real estate lawyer.

**REbuyersgroup** · 08-14-2007, 06:56 PM

Do you have an agent? if so, consult them... That is what Realtors are for, and why people need agents to assist them in these situations. We are a lot cheaper than using an attorney, but never a replacement for legal advise.

Without a copy of the entire contract it would be difficult to give a difinitive answer, but it appears from your comments that if the inspection is not done by Sunday, the contract is in default. What remedies are in the contract regarding penalties for default if any?

If there are none, then the contract is canceled by default and both parties are disolved of any further obligation.

I would recommend getting a release from the seller anyway, just to be safe.

COLD FEET? BUYERS REMORSE? What happened that changed your mind?

**Codythebest** · 08-15-2007, 06:12 AM

Too few details to say.
Is there a limitation clause? Which state are you in?
Worst case scenario, inspection results won't be acceptable. But again it depends on other details...

**stock_post** · 08-15-2007, 05:35 PM

send a cancellation request - keep the fax transmitted copy for recods.

I am not a realtor, just it is my idea. (just took classes except one)

Your agent can send a cancellation request within the period.

Thanks