Posted on: 29th Jan, 2011 03:38 am
I am in the process of buying a duplex and I want to back out because the closing cost are almost $5,000 more than what I first signed. Now they want me to sign the new closing cost and lender contract but this is the 3rd time they change the price. Also many of the things that I was told have change. The amount of rents that are being paid by tenants and also that one of the units was going to be vacant for me to live in.
As far as I know, you will be able to back out of the deal and the lender will pay back the deposit amount to you.
It should state in the contract whether or not you will lose your deposit. In most cases, you'll be able to get your deposit back.
