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Can we get out of contract for new home?

Pulling out of house sale. We have concluded missives on new build home, however, having no success with selling current house (funds needed to put towards deposit). Can we get out of contract for new home and if so, what's involved? Thanks.

Asked on Apr 1 2013, Home Finance in Wishaw | Report content

Answers (2)

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  • Hi russ2209, When it comes to the conclusion of a house sale, any party is able to pull out before the contracts are exchanged with no penalty to either the seller or the buyer. However, if it happens after everything has been signed, then there will be a penalty imposed to make sure the other party is not left significantly out of pocket or inconvenienced. In cases such as yours where you are the buyer, this can mean that the person who is selling you the house is able to withhold your deposit as means of compensation for you not completing the sale and pulling out. Many thanks, Scott

    Answered on Apr 4 2013, Report content
  • Hey Russ2209, Just to let you know, I answered your question on my Friday Q&A video.

    Web reference:

    Answered on Apr 8 2013, Report content

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