Legal Question in Real Estate Law in Florida

Hello,

My husband and I are under contract to purchase a condo in Navarre FL. We have been unable to get the type loan we want 20/80 standard loan. We could have other financing such as an ARM but we don't want to go that route. Also, we are extremely concerned about the oil spill and how this would affect the white beach/fishing and other activities on the sound where the condo is located. Our agent states that the owner may sue us if we do not go forward with the purchase. Is there anything we can do to get out of this contract?

Thank you so much,

Lisa


Asked on 5/03/10, 7:56 am

2 Answers from Attorneys
David Labovitz Labovitz Law Firm, P.A.

You need to carefully review your purchase and sale contract or take it to an attorney to have them review it for you. For starters, look at the financing contingency paragraph and determine whether you can terminate based on the types of loans being offered to you. Look also at the damages paragraph. It may ultimately be a matter of giving up your escrow deposit, if necessary, and walking away from the deal.

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Answered on 5/08/10, 9:46 am
Lesly Longa Longa Law P.A.

If you read the contract, it likely states that if you cannot get financing the contract will be terminated. You may lose your escrow deposit or maybe more, depending on the terms of the agreement. Realtor's cannot provide you with legal advice, and unfortunately your agent may not be familiar with the terms of your agreement. You should review the terms carefully. If you need help, consult with an attorney and provide them with a copy of the sales contract. Regards,

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Answered on 5/10/10, 7:11 am


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