terminating a contract of sale

This is a discussion on terminating a contract of sale within the Real Estate and Property Law Questions forums, part of the Legal Questions & Answers Forum category; I am on contract with a home but the seller did not disclose that they were behind on mortgage payment and the house was in the process of going for ...

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  1. #1
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    terminating a contract of sale

    I am on contract with a home but the seller did not disclose that they were behind on mortgage payment and the house was in the process of going for foreclosure. My realty agent company is saying that I can terminate the contract if I like to. We came to know about the foreclosure through closing attorney. If I terminate the contract will there be any legal issues?


  2. #2
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    You should check with your own attorney and not rely on your real estate broker. I actually think that a buyer is allowed to cure the problem during the completion of the sale, at which time he would have enough money to cover the mortgage.
    I am not a lawyer, this is not legal advice.


 

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