Legal Question in Real Estate Law in California
residential purchase agreement
I want to back out of our purchase agreement and want to know the consequenses. I am the buyer and want to know if we could lose our deposit and more. I didn't require the seller to fix any contingencies and we are past our time period of 17 days after acceptance.
2 Answers from Attorneys
Re: residential purchase agreement
Most likely you'll lose your deposit, up to but not exceeding 3% of the agreed price. In rare circumstances, the seller could take you to court and try to plead and prove greater damages, but this is quite unlikely. Jilted buyers can sue for specific performance, but in California a seller cannot force a buyer to buy.
Re: residential purchase agreement
Are you using the standard C.A.R. contract?
If so, did you change any contract language regarding removal of contingencies? Or does the contract require that contingencies be removed in writing?
Have you, in writing, removed your inspection contingency?
Without answers to these questions, one cannot give you any guidance.
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