Q: I am a buyer. I need to cancel signed purchasing real estate contract and get deposit back.
I was excited to buy a condo and was happy to sign a contract with 10% deposit in escrow account. However I learned that there is jail planning to be built 15 walking minutes away from where I am buying condo. Seller did not tell me that. I want to cancel purchasing and walk out. But I want to make sure I am getting deposit back since absence of jail in the area was not part of contingency.
How I can do it?
A: Your first step is to speak with the attorney representing you in this transaction. He or she should be familiar with the terms of the contract you signed and should be able to explain to you any options in your contract that might allow you to take the course of action you would like to pursue.
A: The jail issue is not sufficient. It may be your issue but it is a loser. You need to carefully manufacture a default in a way you can get your money back. It is hard and must be done right.
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