You just signed an agreement to buy a condo. However, you are now having second thoughts about buying this condo and want to know if there is a legal means to back out of the agreement. Here are some rules to follow in this situation.
Check your condo purchase agreement for any provisions to back out of the agreement. These usually exist to protect the buyer from disclosures not made by the seller.
Hire a lawyer to assist with your purchase agreement and consult him with your concerns to back out of the agreement. He can legally advise you and assist you in filling out forms and notifying the seller of your intention to back out of the agreement.
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Think of the reason for your need to back out of the condo agreement. A change in your financial condition after signing the condo agreement is usually a legal reason to back out. For example, if you sign the purchase agreement and then lose your job you should be able to back out without a penalty. Relocation plans that fall through due to no fault of yours can also be a reason to back out. Most contracts can be broken, upon providing proof, in these circumstances.
Back out of the condo agreement by notifying the seller of your intention to do so. Your attorney should handle all of the legal procedures but if you need to handle anything yourself the most important thing to remember is do everything in writing.
Meet with the seller after you send written notification of your intent to back out of the condo agreement to fill out all necessary forms for your release from the agreement. These can vary from state to state.
- Send a certified letter to the seller and request a "return receipt" as proof that the seller received the letter. The U.S. Postal Service can advise you how to use this service that they provide. This insures you have proof that you notified the seller of your intention to back out of the condo agreement