As a buyer can I get out of a real estate contract?
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As a buyer can I get out of a real estate contract?
I signed a purchase contract for a
property on Jan 17th for a new
construction homes to be finished late
April. I contacted builder on the 26th
notifying them my circumstances have
changed and I can no longer wait until
April. Builder sent me signed contract
on the 27th dated for the 21st saying I
cannot back out? What can I do?
Asked on January 27, 2019 under Real Estate Law, Illinois
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You cannot get out of a contract because your circumstances changed. The entire point of a contract is to obligate people despite changes in their circumstances. You can only get out of a contract if:
1) There is some early termination or cancellation clause in the contract and you comply with its terms.
2) The other side breaches or violates some material or key/important term of the contract.
3) The other side committed fraud--lied about something important to get you to enter into the contract.
Other than the above, you cannot back out, unfortunately.
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