Q: If I have already signed an offer agreement for a house, is it possible to rescind my offer before closing?
I was told by the agent to sign the offer agreement but nothing was explained to me about it, now he’s adamant about me giving the deposit. The closing is three weeks away.
A: For most people, a house purchase is the largest financial transaction that they will ever make. You shouldn’t have signed without agreeing or understanding it. That being said, the contract terms might still give you an out. Perhaps there are contingencies. Have a local attorney review the contract and assess whether you can terminate. You’ll probably need to provide the earnest money and then hopefully have a right to get it back later. I hope there is an inspection contingency.
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