Legal Question in Real Estate Law in North Carolina

I, the buyer, am scheduled to close on a home on July 10th. I have put down $2,500 in due diligence fees and $2,500 in earnest money. Bottom line is I don't want to purchase this home. The whole process has been contentious and there is now a high level of distrust between myself and the sellers because I feel that the sellers have not been forthcoming about repairs that were supposed to have been done and the sellers think I am being unreasonable. I also believe that I am grossly overpaying for the house, even though the home appraised for the purchase price. If I walk away now, other than losing my deposit would I incur any additional penalties? I really do not want to buy this house.


Asked on 7/05/14, 6:36 am

1 Answer from Attorneys
Kenneth Love Ken Love Law

It depends on your contract. Some contracts have a liquidation clause, meaning damages for breaching the contract (walking away) can be sought. If this clause is not there, you are probably safe. You might want to have an attorney quickly review your agreement.

Read more
Answered on 7/07/14, 5:30 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in North Carolina