Legal Question in Real Estate Law in Arizona

I have a contract to purchase a home in arizona. Six days before my closure my bank contacted me to say they made a mistake, so I was no longer approved. Since then I have tried numerous solutions to make the deal work. Recently I thought I had one, so I signed an addendum to extend the closure date, only to find that my solution failed. What is my liability if I cancel now?


Asked on 7/18/14, 11:12 am

1 Answer from Attorneys
Leslie Spira Leslie Spira Attorney At Law

It depends on the terms stated in your contract. If you are within the time frame for the extension and the contract is contingent on obtaining a mortgage you would be able to cancel without penalty.

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Answered on 9/12/14, 10:08 am


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