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Home Q&A Forum Can I back out of a purchase agreement?

Real Estate

Purchase Agreement

Washington

Asked on Oct 31, 2023

Can I back out of a purchase agreement?

I recently signed a purchase agreement for a house. I was unaware of some major repairs that need to be done and now I am worried that I won't be able to afford them. I am trying to figure out if there is any way I can back out of the purchase agreement and if so, what steps would I need to take.

1 Attorney answer

Answer

Real Estate

Washington

Answered 253 days ago

Merry A.

ContractsCounsel verified

Business Lawyer
Licensed in Washington
Free Consultation

A well-written purchase offer usually includes several ways for a buyer to back out of the purchase without any penalty - for example, if the buyer doesn't like the inspector's report, one can usually back out on that basis - another typical one is failing to obtain a loan. I hope your buyer's agent wrote up the offer in a way that gave you 2 or 3 "escape clauses" - you should talk with your agent, but if there are problems, I would recommend that you have a real estate attorney review your offer and help you get out of the offer - if possible - with minimal or no cost to you.

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