Mooresville, NC asked in Real Estate Law for North Carolina

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.

Related Topics:
1 Lawyer Answer
Rachel Lea Hunter
Rachel Lea Hunter
  • Cary, NC
  • Licensed in North Carolina

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.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.