Legal Question in Real Estate Law in New Mexico

Real Estate Contract

My husband signed a real estate contract a year ago. Through the contract we have been paying the seller a set sum every month. The real estate contract is for 2 years. In the two years we would need to build a house or buy the land. After a year, we have attempted everything to fulfill the contract, but with the econemy we have no way to build a house or buy the land. Is there any way to get out of the contract without being sued for full amount of the land? We wouldn't be able to pay even if they did sue?


Asked on 10/23/08, 6:19 pm

1 Answer from Attorneys
Charles Aspinwall Charles S. Aspinwall, J.D., LLC

Re: Real Estate Contract

Approach the seller and ask if s/he will let you out of the contract, keep the money you have paid, and sell the property again. You lose, but much less than if the contract is enforced against you. The seller wins, and gets to keep the property. Can't hurt. All s/he can do is say no.

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Answered on 10/23/08, 7:47 pm


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