Q&A: Backing out of real estate purchase agreement?
Question by Teddy B: Backing out of real estate purchase agreement?
I am a first time home buyer. I used a basic “Offer to Purchase Real Estate” form provided by my lender to counter offer on a sales agreement with a private seller. I filled it out and the seller signed. My loan is still processing and I may want to back out of the purchase. The earnest money was $ 1,000, but I still have the check with seller’s approval. I didn’t know that my offer should’ve had contingencies/clauses for cases like this and I shouldv’e had an attorney review it. My lender said that in the state of Oregon, I can back out for any reason until signing documents at the title company. I would like to know if this is really true? Can the seller come back to sue me for breach of contract if I back out?
Best answer:
Answer by Tsunami
he told you what you can do and do it. period i think they know what they are doing that is what you pay them for.
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