Legal Question in Real Estate Law in Oregon

real estate liability

We are in contract and are set to close 2nd week of June. Inspection has been done, as well as appraisal, all contigencies met.

We want to back out of contract due to housing market going down in area we are buying. We know we will loose ernest money if we back out. Our agent has told us we need to consult an attorney due to possible law suit from damages. We were always under the opinion

the most we could loose was ernest money if we backed out before close of escrow?

P.S Seller is an attorney.


Asked on 5/25/08, 7:10 pm

1 Answer from Attorneys
Susan Burns Law Office of Susan Ford Burns

Re: real estate liability

Your agent is right. Your rights to back out and the seller's rights to possible damages are detailed in the contract between you and the seller. You need to have an attorney review the contract to determine what rights you each have.

Read more
Answered on 5/27/08, 1:02 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Oregon