can I get out of this contract

jerry888 · #1 (**permalink**) 05-26-2008, 01:58 PM

I signed a house purchase contract last friday and paid $1000 deposit and the contract says I'll pay another 16K within 5 days(5% of house price). But now we feel we don't really like the house and want to get out of the contract. But the contract says:
Buyer default: if buyer fails to perform this contract within the time specified, including timely payments of all depositis, seller may choose to retain and collect all deposits paid and agreed to be paid as liquidaetd damages or to seek specific performance as paragraph 16. And broker will upon demand, receive 50% of all depositis paid and agreed to be paid(to be split equally among broker)up to the full amount of the brokerage fee.

Does this mean I'll have to pay 16K besides losing the 1000 that I already paid?

thanks!

law_cast · #2 (**permalink**) 05-26-2008, 05:39 PM

You lose the 1,000K only

berry · #3 (**permalink**) 09-02-2008, 06:43 AM

Hi
please take a good suggestion from a good lawyer because it is illegal case
you have purchase a home now it become your asset you have a problem
ok all the best

grace · #4 (**permalink**) 01-27-2009, 05:20 AM

Before taken any decision you should have to discuss your matter with good lawyer because a good lawyer always give a good advice and I hope one good lawyer will help you a lot in this case because this is a illegal case. GOOD LUCK

vsenthil22 · #5 (**permalink**) 01-28-2009, 01:17 AM

Since you signed the contract, there is a promise you made towards purchasing the property.Instead of losing on the deposits, you can consider paying it full and resell the property,now that's just a way to look at it. Or you can form a case, consult a god lawyer.

maxmechgroup · #6 (**permalink**) 07-25-2009, 12:18 AM

Hello
First u can contact Good lawyer it give u good advice to u so u can tack good decision in your side.

debt19 · #7 (**permalink**) 12-30-2009, 03:24 AM

hello.

thanks for sharing.. really some critical problem..but you can win the contract...

philippines law firm · #8 (**permalink**) 02-09-2010, 11:32 PM

Before making a decision you should consult a lawyer first It might help you in making a decision

LPO · #9 (**permalink**) 02-24-2010, 04:55 AM

Yes you can cancel it if you want but you can't get what you already paid back. So you won't get anything back at all if you ever had already paid the 1k deposit and 16k.

amili · #10 (**permalink**) 02-24-2010, 06:57 AM

firstly contact a good lawyer i think you can loss your $1000 but not sure.

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