Legal Question in Real Estate Law in District of Columbia

Backing Out of a Realestate Deal and Contingencies

I signed a contract for a house subject to appraisal and inspection. The house needs a new roof upon inspection. The seller is offering me credit at closing for the roof. However, I no longer want the house. There are other issues, such as electrical and minor repairs pointed out at inspection. The seller has tried to address some of these issues. Anyway, I put down a substantial earnest deposit on this million dollar property. Should I have any problem getting back my earnest deposit? Can I really back out? (My realtor is not very experienced.)


Asked on 3/28/06, 3:31 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Backing Out of a Realestate Deal and Contingencies

It depends what the contract says. If you timely comply with the inspection contingency and it allows you to back out, you probably have a right to do so. See a lawyer TODAY. Time will certainly be of the essence.

Read more
Answered on 3/28/06, 4:19 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in District of Columbia