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If a contract has been signed and a deposit paid can the buyer back out of the deal?
Wiki User
∙ 13y ago
Certainly. The buyer can ask to be released from the sale by the seller and they can mutually agree to void the contract (sometimes with a token payment).
If not mutual, then the buyer's only chance to back out is if there are conditions of the contract that are not met before the closing.
For example, a contingency clause could be used to reserve the right of the buyer to back out if financing cannot be obtained, or if an inspection produces adverse results, or the seller does not meet some other specific condition.
Also, the buyer can refuse to accept a defective title, such as where it has been discovered that the land is encumbered with liens, lawsuits, hazardous waste assessments, squatters, forged or missing documents in the chain of title, or the like, which cannot (or will not) be removed prior to the closing.
Absent agreement or a legal excuse, a buyer who backs out could have to pay damages to the seller, as determined by a court.
Wiki User
∙ 16y ago
Wiki User
∙ 13y agoA buyer always has three days to change their mind. This applies to buying a home, car, or anything else.
That is not correct and applies to sales of vacuum cleaners, sewing machines etc. in your home. Most states allow a 3 day contract cancellation on these items if there is a cancellation clause in the contract. All other contracts are not able to be canceled unless by mutual agreement.
Check with your attorney---this is what they get paid for.
Wiki User
∙ 14y agoYes, even the lenders give you a Three-day Right of Recision.
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If a contract has been signed and a deposit paid can the landlord back out of the deal?
No.
Back out of car contract not signed by primary buyer but only by secondairy buyer?
If your question is "can the contract be null and void" if signed only by the primary buyer and not by the co-signer? Depends. If the contract is in both names-yes. If the contract is typed up "only" in the buyer name-no. If the loan is conditioned to both signing, yes.
If seller changes mind on selling the home to the buyer but the buyer has already signed the contract and put in a deposit but one of the co-sellers hasn't signed what rights do the buyer have.?
The buyer is entitled to get his deposit money back, but he can't buy the home. This is because there are TWO sellers (two people on the deed) and BOTH seller's need to sign the contract. In your question, only ONE of the sellers signed the contract. Therefore there is no legal contract. Basically, you can't sell something you own jointly with someone else without their permission. Sounds like Seller #1 was trying to sell the home without Seller #2's knowledge and/or permission!I would advise the buyer to get a real estate attorney if he doesn't get his deposit back. And if either party used a real estate agent, they should contact the National Board of Realtors and make a complaint.
Can a seller back out of a signed agreement to sell a car if they refund your deposit?
Not legally unless the buyer agrees to it.
The down payment on a home cannot be met. Can a purchase agreement be canceled?
You need to review the contract you signed to determine if you can get your deposit back. If the agreement was contingent on your being able to amass the down payment then the contract can be voided. However, you need to review what you signed. It would be best to consult an attorney it there is no language in the contract to release you in this situation.You need to review the contract you signed to determine if you can get your deposit back. If the agreement was contingent on your being able to amass the down payment then the contract can be voided. However, you need to review what you signed. It would be best to consult an attorney it there is no language in the contract to release you in this situation.You need to review the contract you signed to determine if you can get your deposit back. If the agreement was contingent on your being able to amass the down payment then the contract can be voided. However, you need to review what you signed. It would be best to consult an attorney it there is no language in the contract to release you in this situation.You need to review the contract you signed to determine if you can get your deposit back. If the agreement was contingent on your being able to amass the down payment then the contract can be voided. However, you need to review what you signed. It would be best to consult an attorney it there is no language in the contract to release you in this situation.
Is it possible to back out of a untitled lot contract after you have signed and paid already the downpayment?
Depends upon the terms of the contract, but usually you forfeit your deposit if you do.
Do you have to give deposit back on sale of your property if they back out?
This would depend on how your contract of sale has been drawn up and in which country you reside. Someone giving you a deposit to buy property creates a contract between you and the purchaser that they will fufill their part of the bargain (contract) by purchasing your property. Therefore if they do not proceed is a breach of contract which you would need to pursue through the courts. If your interests have been protected it will explain in the contract what happens if you or the buyer pulls out. The buyer may be responsible for all your costs until you resell the property ogether with interest added to those expenses. Normally a deposit is returned unless it was made clear and in writing before a contract was signed, that any deposit was non- refundable. If the buyer knew this beforehand and agreed to that condition, then you would be able to keep the deposit. If that was not the case then you would need to refund the deposit and make the buyers aware who have pulled (and give notice to this effect) out that you will be enforcing the clauses of the contract in relation to the purchasers pulling out. You should seek further urgent legal advice to clarify your position.
If someone agreed to buy a car and the car was being held for them can they change their mind without consequence?
Yes, unless a contract was signed, up until a contract is signed a buyer can back out at anypoint.
Do you have to refund a deposit if the buyer backs out of a puppy sale?
It all depends on your agreement/contract. However - you can always act as a human being - ie if you can easily sell the puppy to someone else then you are not making a loss and the decent thing to do is give the deposit back - but if you can't and it is going to cost you to sell on the puppy then keep the deposit but tell the buyer why.
Buyer gave you deposit to buy your camper in RI now he wants to back out do you have to return deposit?
no
Can you back out of a signed contract within 24 hrs?
You can only back out of a signed contract, if the contract states there is a backout clause. If there is no clause stating you may back out of the deal within 24 hour, you are liable for the contract signed.
Can you get your deposit back if you haven't signed a lease yet?
In Texas, you can only get your deposit back if your application is rejected and/or you have 3 days from the date of application to chane your mind. After that, you are not eligible to et your "application deposit" back.
