Q: In NC may you resend a contract on land purchase
We went to land sale on Sat. and signed contract but when we got home and I started calling around all the banks said they do not do land deal. We were buying this for investment opportunity but it looks like we will not be able to sell it later on.
A:
You ask if you can rescind. The answer is I don't know because I don't know what you signed.
What kind of a deal was this? I have not heard of a land sale. Is this of vacant land by a developer? There is usually a clause in the contract which discusses termination. There may also be contingencies - for example - a sale might be contingent on the buyer getting a loan for the purchase price. Did you put any money down? Has title changed hands or is the closing to occur at some time in the future?
If you don't actually own the land yet, then you can terminate but you might lose any earnest/deposit money so you need to read the termination clause or go see a real estate attorney who practices in the county where the land is located. If you actually own the land, that is a different matter - there is no right to terminate.
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