Legal Question in Real Estate Law in Michigan

can I be sued

we put a purachse agreeement down on a house. after three weeks we still dont have a closing date, but I havent been rejected either. Now I will be off with no pay for the summer and I have backed out of the contract. Now the owners of the house are threatening to sue me. can they do that? What should I expect??


Asked on 6/06/07, 11:32 am

1 Answer from Attorneys
Audra Arndt Audra A. Arndt & Associates, PLLC

Re: can I be sued

It depends on the terms of the contract/Purchase Agreement. You likely had a certain period of time to rescind your the agreement, which may have passed. You should consult a real estate attorney who can advise you on the best way to proceed. You may be able to negotiate with the sellers to pay them a cancellation fee to get them to walk away from the deal.

Also, if the agreement was contingent upon financing, and you are unable to obtain suitable financing, that would be a legitimate reason for you to back out of the contract without penalty.

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Answered on 6/06/07, 10:40 pm


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