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We have signed contract but not provided initial deposit, is contract null and void

Today is the last day to provide initial deposit, due to many problems with the house we have opted not to get a house inspection nor termite inspection for home in FL. since the seller has not supplied any documentation for wind mitigation (they have no permit for roof/no documentation for work done) and problems with termite inspection.  We have already been pre warned by insurance, financing, and WDO inspectors , therefore don't wish to even spend the money for house inspection. Do I send a notice to the realtor, or do I let things lapse.
  • July 24 2014 - US
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Answers (6)

I'm not a lawyer, but I've always been told, that if no money changed hands, there legally was no contract. The contract was aborted, or left legally impotent. I don't know that either of you could sue over anything regarding the transfer of this property.

All that said, you should send a written statement saying you're no longer interested in buying the property, and then see what happens. Something will happen. God only knows what. If the Seller is a sue-r, there's not much not you can do, but defend. The Seller should sue their Agent, not you.
  • July 24 2014
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And by the way...no, not doing what you have promised to do does not make the contract null and void. It makes you in breach of contract.
  • July 24 2014
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Well, hopefully you are still in your inspection period and able to cancel without risking any money but it certainly depends on how your contract is written. I would think "ignoring or allowing a lapse" is not the right way to handle a contract. Deal with your agent and they should guide you to protect your best interests.  Good luck to you!
  • July 24 2014
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Sounds like you are not interested in continuing the Inspection but you may be interested in continuing the Purchase.  Either way, you should speak with you Real Estate Professional who knows your contract and the Laws of your state.  I would not wait until the last minute, It might come back to haunt you.  Good Luck!
  • July 24 2014
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You should ask the real estate agent what will be sufficient, because if you take our advice and its wrong, they may sue you for that initial deposit!

All the best,
  • July 24 2014
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It doesn't hurt to communicate. As per my understanding the contract has to be formally cancelled. But a lawyer can give you the legal standpoint.
  • July 24 2014
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