Cancelling home purchase?

[mikefarm]

Here is my situation. I would like to cancel the purchase of a new condo. The reason being is that my wife and I are burnt out and ready to move on from this transaction. Our closing date has been moved 3 times already and now our realtor wants us to sign another "addendum" stating that our closing date will change again. This is going on 2 months and we have been living out of hotels and whatnot. Am I legally obligated to continue with this purchase?

Thanks

Mike

 

[lwpat]

Am I legally obligated to continue with this purchase?

Probably not. What does the real estate agent say? What does your attorney that reviewed the contract prior to signing say?

 

[mikefarm]

Haven't spoken to my real estate agent yet. Just trying to research before I go talk to her.

 

[bryan]

If it is the seller who keeps pushing the date on you then you probably have a way out of the contract depending on the reason it is being pushed, etc. Without the addendum both parties are tied to the closing date and there are ususally defined penalties in the contract for not meeting it etc.

Without the specifics and contract it is really hard to say so your best bet is to talk to your lawyer.