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When Can You Get Out Of A Contract Without Adverse Consequences?

Michael Doster, Attorney at Law (and general counsel to Wm French) will shed some light on commonly asked questions about getting out of a real estate contract:

While “getting out“ of a contract is not something buyers often request, a buyer may inquire about it because a financing contingency has not been satisfied, there are problems revealed in the review of the title and survey or home inspection(s), or the Seller has breached the contract (failed to do something the Seller is obligated to do under the contract). Here is an introduction to the subject:

Topics Covered:

  • Financing
  • Contingency
  • Title and Survey
  • Inspection(s)
  • Seller’s Breach of the Contract

The above is not an exclusive list of potential “outs”, but they are the primary ones, and each one will be covered in more detail in a series of future articles. As the series begins it is important to know that “getting out” of a contract is not something that can be done at will without legal consequences — the provisions of the standard contract will inform you whether you have the right to “get out” and will prescribe the process for exercising that right.

 Michael J. Doster

Attorney at Law

Doster, Ullom & Boyle, LLC
 
Michael Doster acts as general counsel to Wm French Buyers Real Estate.

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