Legal Question in Real Estate Law in Michigan
can I be sued
we put a purachse agreeement down on a house. after three weeks we still dont have a closing date, but I havent been rejected either. Now I will be off with no pay for the summer and I have backed out of the contract. Now the owners of the house are threatening to sue me. can they do that? What should I expect??
1 Answer from Attorneys
Re: can I be sued
It depends on the terms of the contract/Purchase Agreement. You likely had a certain period of time to rescind your the agreement, which may have passed. You should consult a real estate attorney who can advise you on the best way to proceed. You may be able to negotiate with the sellers to pay them a cancellation fee to get them to walk away from the deal.
Also, if the agreement was contingent upon financing, and you are unable to obtain suitable financing, that would be a legitimate reason for you to back out of the contract without penalty.