I agreed to buy a condo in Naples, FL and now I’ve decided that it’s not what we want, we’d be making too many concessions. How do I cancel with the least financial expense?
When a buyer enters into a Purchase and Sale Agreement, the buyer needs to be aware that the only reason he or she can get out of the agreement is if the mortgage is denied, the property is damaged to a certain degree or if there is a cloud on title that is not easily resolved. Changing one’s mind is not a valid reason where one’s deposit will be returned and the Seller is in fact entitled to retain the entire deposit as liquidated damages. The Buyer can try to negotiate with the Seller and explain his or her circumstances and see if the Seller is willing to give back a portion of the deposit.
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The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida; Boca Raton, Florida; Danvers, Massachusetts; Waltham, Massachusetts; Quincy, Massachusetts; Manchester, New Hampshire and Salem, New Hampshire.