Can I back out of a purchase agreement?

Typically, the seller has a lawyer draft the purchase agreement. Disclaimer - This information is provided for general informational purposes only. No information contained in this post should be construed as legal advice and does not establish an attorney-client relationship.

Hello! I understand you are entering into a Purchase Agreement and want to know whether there are any cancellation fees. First, you would read the agreement to see if there is any mention of termination/cancellation fees such as the loss of the down payment if the buyer attempt to terminate the contract. But, generally, the agreement is binding contract. So, if a buyer attempts to cancel the contract, it could be considered a breach of contract. In that situation, the seller can claim damages, which usually results in a loss of the down payment but also could lead to other monetary claims or a claim to attempt to force the buyer to fulfill the purchase (general called a specific performance claim). Separately, in most cases, if the buyer's ability to purchase the property is dependent on getting a secured loan, usually there would be no cancellation or damage claim and the buyer would have the right to the return of the downpayment (this should be outlined in the contract and is usually referred to as a contingency clause). I hope that helps.

You will need an attorney to advise you, as such, you will need to post your project on the website Here are the steps you need to take to accomplish this 1. Post the job you need to get accomplished – for example “ I am looking for a California attorney to assist me in the sale of my property and to help me get the county to approve the sale -------------“ 2. Once posted, attorneys on the website that are interested and qualified will respond to your posting 3. Choose an attorney/s based upon their qualifications and cover letter to have a quick call so that you can decide who you would like to hire. 4. After talking with attorneys, choose who you will decide to proceed with. Remember to discuss the cost of the project as well as how long it will take to be completed as well as when payments will be made. 5. Once you have decided who to hire, click “HIRE” and that attorney will now be hired by you. Donya Gordon, Esq.

I'm so sorry about this situation! So legally speaking, the answer is no. Under California law, a breach of contract occurs when one party fails to fulfill a legal duty the contract created and causes damages for the plaintiff. (California Civil Jury Instructions Number 303.) The measure of damages is the amount that will compensate the aggrieved party for all the detriment caused thereby or likely to result therefrom. (Cal. Civ. Code § 3300.) You may also seek specific performance of the agreement, too. You have some options you can explore: You can send them a demand for performance or some financial compensation. I have a template letter you can use here - https://www.contractscounsel.com/t/document-form-checkout/119 Otherwise, you can file a lawsuit in your local court. If you’ve already sent a bunch of letters, then the truth is this is the only way to compel them to do anything. Best of luck!

Your question suggests a real estate purchase. Oral contracts for the sale or transfer of land are subject to the statute of frauds in most states. This requires such agreements to be in writing and signed by the parties to be enforceable. Although there are some limited exceptions, I recommend trying to get your verbal agreement memorialized in writing as soon as possible.