Legal Question in Real Estate Law in Missouri

Real Estate contracts

My husband and I built a house and are being forced to close on it. We cannot afford our current home and the new home. Can we legally back out of the contract? If so, what penalties could we incurr? Can the builder legally keep our down payment if we cannot get reasonable financing for both homes? Can they force us to take an unreasonable loan amount for both homes that would put us in foreclosure or without money to pay for daily needs? We have a baby and are scared they are going to force us to sign a contract that would put us in bankruptcy, foreclosure, etc.


Asked on 5/21/08, 10:59 am

1 Answer from Attorneys
Anthony Smith LawSmith

Re: Real Estate contracts

You probably will not be forced to close on a home you no longer want or can afford. However, you may be subject to a judgment in favor of any parties injured by your canceling an agreement. The exact measure of the damages, might exceed any down payment you have paid, or it might be capped at that. The facts and agreement of each particular case determine the extent of recoverable damges from a breach of a contract. Perhaps you shoudl consult directly with an attorney in your area, who can have acccess to all of the documents, if you wish for an opinion specific to your case.

Good Luck

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Answered on 5/21/08, 11:55 am


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