York, PA asked in Real Estate Law for Pennsylvania

Q: Entered into a home buying contract in Jan2020 in PA, can we come out of it due to corona our financial is not good

Hello, we live in Pennsylvania and we entered into a home buying contract with a reputed builder here in York in Jan 2020. The house is under construction and is to be ready by July 2020. It's a gated community and builder is building dozens of townhomes there. Now due to corona situation my wife lost her job and I am working on reduced salary from last two months. With all the uncertainty in the world and job insecurities we don't want to proceed further on the contract and want to pull out. Is there any legal way to do so? Since it's a very extraordinary situation due to corona we are scared to entered into such a huge financial binding. Is there any way possible

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1 Lawyer Answer
Elizabeth Tarasi
Elizabeth Tarasi
Answered
  • Pittsburgh, PA
  • Licensed in Pennsylvania

A: The contract you signed to build the house governs. I do not believe there will be a provision that provides for a change of your financial circumstances. You can see if the contractor is willing to let you out of the contract.

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