Legal Question in Real Estate Law in California
I made an agreement to buy a piece of property for $5 a square foot. However, I found that the appraisal price is less than $3. The deadline to pay has not come yet and I was wondering can I back out of the deal even though I signed?
3 Answers from Attorneys
Not on that ground. You should have made a lower offer. You are bound by your offer, when it is accepted, regardless of what the appraised value is.
You appear to be "in contract" and unless there is a solid basis for your not performing, you will be liable for the seller's damages. There is no law limiting the price someone may pay for land to its appraised value.
Did you include an appraisal contingency in your contract? If so, you can get out. If not, you might be able to get out, but you need to have an attorney review your contract and the situation with you right away.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
