Posted on: 15th Feb, 2011 10:50 pm
I signed a purchase contract for a home here in Hawaii in September. The home will be completed in April. However my employment situation has become very shaky and I do not feel comfortable with where things are at. Can I back out of the deal? I did put down a deposit but would be willing to let them keep that. There is a waiting list for the homes so there shouldn't be much of an issue with them getting a buyer. Mahalo
You can back out of the deal now but there are high chances that you will lose the deposit money. However, as you don't mind that, you should immediately contact the concerned authorities and back out of the deal.
Backing out ought not to cost you anything other than your deposit; but you'd be wise to re-read your purchase agreement to ensure that there are no other penalties involved.
