Q: In WI my husband and I were planning to purchase a condo. With COVID 19 we want to back out. Can we get earnest money
A: Your rights and obligations under the contract can only be determined after reviewing the entire offer. Generally, a buyer may only use a valid contingency to terminate an offer. Simply deciding that the market conditions are no longer ideal to move forward is not typically a valid reason to terminate. Ideally, you should ask an attorney to review the offer to determine if you have any available contingencies that might allow you to terminate the offer. Ideally, you would not discuss these concerns with your agent or the sellers until you complete an attorney review as disclosure of your desire to terminate on these grounds may allow the seller to claim that you are acting in bad faith in the event that you exercise a contingency. In short, best to consult an attorney asap.
Thomas B. Burton agrees with this answer
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