Legal Question in Real Estate Law in Florida
I'm suppose to close on a house tomorrow, and I was let go at work today. If I don't tell them I lost my job and sign the papers any way, what are the legal repercuctions? Also can I get back the good faith money if I don't sign the closing papers?
1 Answer from Attorneys
It depends upon what you sign and what the contract reads. It is typical that in closings the bank will have a document, under oath, that nothing has occured that impacts your ability to pay, such as a change in employment. If you have such a document, and it reads like this, if you sign it you perjure yourself, and that wouldn't be good.
Now if this happens and you don't close, then if the contract does not have an out for this problem you could lose your good faith money. Not a pleasant situation.
The problem really is that there are too many variables to know what could happen. As you requested, I gave you the worse case situation. It may work out better, but you may want an attorney to guide you.