Vernon Hills, IL asked in Real Estate Law for Wisconsin

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

Related Topics:
1 Lawyer Answer
Jason Anthony Greller
Jason Anthony Greller
  • Madison, WI
  • Licensed in Wisconsin

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

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.