Memphis, TN asked in Real Estate Law for Mississippi

Q: Can a buyer back out one week before a closing based on a rumour told by another homeowner in the area?

Rumor is about the community lake being drained even though it is owned by the state and has been confirmed by the state that it will not be drained.

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1 Lawyer Answer
Arthur Calderon
Arthur Calderon
  • Madison, MS
  • Licensed in Mississippi

A: Likely not, unless there was a material defect or other material matter that was disclosed as part of the sale (which this may end up as qualifying). If not, then you would be obligated to purchase the home under the contract. I would recommend getting with your realtor (if you had one) or a local real estate attorney to further discuss.

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