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KartveliT
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Member since 1/08 8363 total posts
Name:
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OK so could we walk away if we wanted to?
We found a house, put an offer in, it was excepted, lawyers signed papers, we paid $500 escrow toward down payment and it went under contract. Doing an inspection tomorrow.
And what would be involved in it if we decide to do so?
Thank you
Message edited 1/23/2009 6:06:11 PM.
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Posted 1/23/09 4:32 PM  |
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dbleplay17
My 2 boys!
Member since 10/06 4578 total posts
Name:
Chrissy
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Re: OK so could we walk away if we wanted to?(please help me figure it out)
did you have to give any $ upon signing the contract?
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| Posted 1/23/09 4:37 PM |
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KartveliT
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Member since 1/08 8363 total posts
Name:
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Re: OK so could we walk away if we wanted to?(please help me figure it out)
Posted by dbleplay17
did you have to give any $ upon signing the contract?
$500 escrow toward down payment
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| Posted 1/23/09 4:45 PM |
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luckysmom
Yes it is! Going as planned:)
Member since 6/07 5339 total posts
Name:
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Re: OK so could we walk away if we wanted to?(please help me figure it out)
If you gave money when signing the contracts you probably won't get it back unless you are unable to get a mortgage or something.
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| Posted 1/23/09 4:45 PM |
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KartveliT
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Member since 1/08 8363 total posts
Name:
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Re: OK so could we walk away if we wanted to?(please help me figure it out)
Posted by luckysmom
If you gave money when signing the contracts you probably won't get it back unless you are unable to get a mortgage or something.
We will not worry about $500 if we decide to get out. And I assume we'll also have to pay the lawyer's fee which is around 850 -1000. I just don't want to be sued by the seller or something. But i also don't want to live in a house where one of us is not happy. KWIM? I want us to be 100% sure.
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| Posted 1/23/09 4:52 PM |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: OK so could we walk away if we wanted to?(please help me figure it out)
Posted by dediko
We will not worry about $500 if we decide to get out. And I assume we'll also have to pay the lawyer's fee which is around 850 -1000. I just don't want to be sued by the seller or something. But i also don't want to live in a house where one of us is not happy. KWIM? I want us to be 100% sure.
You would lose the $500, plus the inspection cost, plus whatever work your lawyer has done already. You lawyer shouldn't be charging you $850-1000 for just drawing up the contract. At least I don't think so.
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| Posted 1/23/09 5:00 PM |
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KartveliT
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Member since 1/08 8363 total posts
Name:
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Re: OK so could we walk away if we wanted to?(please help me figure it out)
Posted by JldDolphin
Posted by dediko
We will not worry about $500 if we decide to get out. And I assume we'll also have to pay the lawyer's fee which is around 850 -1000. I just don't want to be sued by the seller or something. But i also don't want to live in a house where one of us is not happy. KWIM? I want us to be 100% sure.
You would lose the $500, plus the inspection cost, plus whatever work your lawyer has done already. You lawyer shouldn't be charging you $850-1000 for just drawing up the contract. At least I don't think so.
Oh no the lawyers fee covers everything not just drawing up the contract.
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| Posted 1/23/09 5:04 PM |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: OK so could we walk away if we wanted to?(please help me figure it out)
Posted by dediko
Posted by JldDolphin
Posted by dediko
We will not worry about $500 if we decide to get out. And I assume we'll also have to pay the lawyer's fee which is around 850 -1000. I just don't want to be sued by the seller or something. But i also don't want to live in a house where one of us is not happy. KWIM? I want us to be 100% sure.
You would lose the $500, plus the inspection cost, plus whatever work your lawyer has done already. You lawyer shouldn't be charging you $850-1000 for just drawing up the contract. At least I don't think so.
Oh no the lawyers fee covers everything not just drawing up the contract.
So hopefully your lawyer would charge you less if you back out of this house.
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| Posted 1/23/09 5:14 PM |
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Re: OK so could we walk away if we wanted to?(please help me figure it out)
Your really need to ask your lawyer because it is different in NJ. I think you have 10 day to back out from the time you sign the contract otherwise I think you loose the money.
Message edited 1/23/2009 5:43:46 PM.
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| Posted 1/23/09 5:41 PM |
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evnme
My little lamb
Member since 8/05 12633 total posts
Name:
aka momma2b
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Re: OK so could we walk away if we wanted to?(please help me figure it out)
talk to your attorney.
good luck!!
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| Posted 1/23/09 5:48 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: OK so could we walk away if we wanted to?
Posted by dediko
We found a house, put an offer in, it was excepted, lawyers signed papers, we paid $500 escrow toward down payment and it went under contract. Doing an inspection tomorrow.
And what would be involved in it if we decide to do so?
Thank you
SO???? fill us in after the inspection...
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| Posted 1/24/09 7:41 AM |
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KartveliT
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Member since 1/08 8363 total posts
Name:
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Re: OK so could we walk away if we wanted to?
well I guess I was wrong thinking that DH was having second thoughts(we spoke about it last night). So I guess if the inspection goes well we 'll have a house
I will keep everyone updated after it's done later today.
THANK YOU EVERYONE
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| Posted 1/24/09 8:17 AM |
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KartveliT
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Member since 1/08 8363 total posts
Name:
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Re: OK so could we walk away if we wanted to?
Posted by Seles81
Your really need to ask your lawyer because it is different in NJ. I think you have 10 day to back out from the time you sign the contract otherwise I think you loose the money.
Honestly I just didn't want to talk to a lawyer about it just yet . Last night DH said he really wants the house, so I guess I was wrong
Message edited 1/24/2009 8:20:34 AM.
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| Posted 1/24/09 8:20 AM |
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