Q: What are our options if we are sued to complete a contract to purchase?
We made an offer on a nice off grid camp that we liked, mostly because it had a bathroom & shower. During the inspection it was discovered that condos are going in behind, there is a crazy neighbor, & parties. Doubts surfaced, and also loan offered wasn't the loan outlined in the offer. I kinda felt bullied into making a quick decision to try for that loan by our realtor. Then we had crazy, flooding everywhere. Now the driveway is washed out, the water collection system is filled with debris & silt, and the deck posts, at minimum, need to be swapped out. Not the camp we wanted, too much work, too much uncertainty re home owners insurance which is needed to get the loan. The ONLY thing being addressed is the driveway, everything else being passed as normal wear & tear. Told could be sued get a lawyer's advice upon saying terminate this, then told not to when mention we were trying to do that. Finally signed termination papers, and realtor tried one last bullying tactic. So stressed now.
A: Typically, the form parties sign to terminate a Purchase & Sale Agreement contains language providing for mutual releases of all claims. Assuming that is the case, you should have a complete defense if you are sued to complete the purchase under the Purchase & Sale Agreement.
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