How can I back out of a property contract as a buyer?

Question

I placed an offer that was accepted on a house in April 2008. This property have several issues in need of repair which I agreed to repair, but the seller rectified a leaking underground oil tank. It is now the end of August 2008 and the seller wants to delay the closing until October 2008 because they need to find an apartment. I am tired of waiting around and am noticing several other properties at better deals since home prices have decreased in this period. Can I back out without incurring any penalties?

Answer 1

The only way for you to get out without the possibility of being sued is if one of your contingencies wasn’t met, example: your contract was contingent on financing and you can no longer get a loan due to the delay.  

Answer 2

ed atun is right.

no u kept your deal, u can back out, what they might want u to do, the seller is sign a contract, stating you will give them the extra month, dont do it. why should you, dont sign nothing, make sure u have a lawyer representing you.

in my case, i had a different expercience, i wanted the house, so my closing date was needed 3 weeks, and the seller agreed to give me more time, so i can close on the house.

i had a lawyer too.

u are free to walk away just let the closing date end and your free and clear.

Answer 3

You will be out your earnest money and they could sue you for specific performance, but whether or not they would and whether they would win if they did is uncertain.

Good luck.

Answer 4

First you refuse to sign an extension. Then you send a notice of default because they passed the closing date.  Then you are free.  If they allow the closing to happen in 1 day, you are probably stuck... or you could give up your earnest money and walk away.