Pull out after signing first contracts

E

EmilyB

Registered User
Messages
13
I want to pull out of buying an investment property. I have signed first contracts and we are due to close next week. I have just lost my job.

what are the implications of doing this?
 
I'm very sorry to hear you have lost your job. Once contracts have been signed by both parties they are binding. If you are unable to close ( i.e finish the purchase ), you will have to forfeit your deposit.

I think the best advice for you at the moment is to make an appointment to see your solicitor urgently. Only they can advise you properly in your particular case.

Perhaps you have gotten redundancy or somehing that will tide you over ? All may not be lost, good advice & assistance could see you through.

Best of luck
 
Also , your vendor may be sympathteic to your plight, just maybe and allow to pull out with full deposit refund . In all likleihood they could sell to a higher bidder now. There are nice people out there, I'm sure of it.

:)
 
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