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Contract Ratification/Termination

I signed a contract on a new construction home a few days ago (delivery date is September). I put 1% down for the good faith deposit. However, I have no realtor and am now having second thoughts because the seller's agent mislead me on a couple of things. The contract has not yet been ratified. Can I get out of it?
  • April 16 2014 - Fairfax
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Answers (4)

First, let me state I am not an attorney, and not offering you legal advice. My opionion is:
If you signed it first, then turned it in, to my mind, you have to expect the contract is already ratified, and the seller may try to enforce the contract. That being said, perhaps the contingencies such as inspection or Condo Docs might allow for a cancellation.
This is definitely a situation where you need contract advice from a good RE Attorney. I also can offer a reference for a good one should you wish to contact me.

Best wishes, Jim

  • April 19 2014
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If the contract has not been officially ratified you should be able to simply change your mind.  After ratification you would need a contingency to safely get out, and collect your deposit.  You may want to review the contract for contingencies and possibly consult an attorney or if you are ratified.  You may also be able seek advice from a buyer agent who may be willing to review your contract for obvious contingencies.
  • April 17 2014
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I would be very careful. If you have already signed it, there is a possibility that it is already ratified. I would consult a real estate attorney tomorrow. I have a ref if you would like to reach out.

Scott
  • April 16 2014
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Profile picture for USMortgageRanger
Yes its not a contract until both party has agreed in writing. I have written quite a few blogs about being taken advantage of by builders using slick talk when there is no Realtor involved. Walk away and cancel the check and go talk with a local Agent.
  • April 16 2014
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