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itsbabytime
LIF Adult
Member since 11/05 9644 total posts
Name:
Me
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THanks!
Thanks!
Message edited 7/13/2010 8:32:16 PM.
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Posted 7/13/10 12:19 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Getting out of a Contract without losing downpayment...
It depends what is really in the contract - I would talk to your attorney but it sounds like you might lose the downpayment if you still qualify for mortgage with these problems on the property...
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| Posted 7/13/10 12:25 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Getting out of a Contract without losing downpayment...
If it is a typical real estate contract there is probably a financing clause.....basically states that if the buyer cannot secure financing then they can get out of the contract and get the down payment back. Other than this there isn't really any way unless there attorney works some crazy magic.
ETA...the structural issues that the buyers inspector missed is kinda tough shyt for the buyer. The seller doesn't have to agree to any fixes unless they are in the contract.
Also if there are CO issues then the bank will most likely not approve the mortgage without them beign taken care of.
Message edited 7/13/2010 12:48:17 PM.
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| Posted 7/13/10 12:46 PM |
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itsbabytime
LIF Adult
Member since 11/05 9644 total posts
Name:
Me
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Re: Getting out of a Contract without losing downpayment...
There is no mortgage its all cash
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| Posted 7/13/10 1:03 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Getting out of a Contract without losing downpayment...
Who found out all these issues after the fact? The attorney? I am very confused how they got into the predicament. I know that's not what you are asking, but I just am curious how something like this could happen.
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| Posted 7/13/10 1:07 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Getting out of a Contract without losing downpayment...
Posted by itsbabytime
There is no mortgage its all cash
Then unless they have one hell of an attorney they should have done their homework before they signed the contract
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| Posted 7/13/10 1:14 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Getting out of a Contract without losing downpayment...
This person should be getting their answer from their attorney. Not from an internet message board as every contractual situation is different.
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| Posted 7/13/10 1:47 PM |
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snowprincess
My happy babies
Member since 3/06 3428 total posts
Name:
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Re: Getting out of a Contract without losing downpayment...
she may want to contact another attorney - because in that field there may be some malpractice on the side of the buyer's attorney who drafted or for not modifying the contract
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| Posted 7/13/10 2:49 PM |
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