Closing the sell in loan agreements

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what's up guys devin henderson here with waterfront realty in this quick video i want to discuss a topic that can a buyer cancel a real estate contract before closing this is something i hope you don't find yourself in but if you are a buyer and you're you know having reasons to want to back out to need to back out maybe there's circumstances that you know are making you forced to back out of the contract and the seller's giving you a hard time can you back out prior to closing the quick answer is in most cases yes but uh you would definitely want to have a good real estate attorney representing you in this in in your purchase so that you're properly advised and that you're properly advised quickly because obviously these things are usually going to be time of the essence obviously if you're on an as-is contract and you're within your due diligence period that's a quick easy out of the contract no problem it's very black and white clean get out of jail basically if you change your mind you can find another property whatever it is as long as it's within your as is due diligence period you're out cancel uh it's a unilateral cancellation you don't even need the seller to sign that in most cases so um but there are many other reasons uh let's say you're a buyer and you're you're well along in the purchase process and uh maybe uh something uh happens a life event happens a big expense or something like that unexpected during the purchase and now maybe maybe you don't qualify anymore maybe now you you know your financing is no longer you you would likely be protected by your financing contingency in that case uh because you know you wouldn't you just wouldn't qualify for the loan so you would have a financing contingency obviously if that's how the deal was structured um there's there's many other reasons as to why or how you might be able to get out of a purchase contract one that comes to mind now is let's say you're purchasing a condo in the state of florida you are required by florida law to get what's called the condo docks these are your rules and regulations your bylaws your governance forms your financials in the community there's a number of things that you are a buyer are required to get especially when you're buying a resale condo if you don't get those documents and the seller never provided those to you that is one way you can you know get out of that contract as well all the way up until you know the day before closing you could say hey i never got those rules and regulations i just found out that i can't have a barbecue grill on my lanai sadly that's a deal breaker for me i'm out uh you would get your deposit back and sadly you know the seller and their agent would not be very happy but shame on them that's why you definitely want a good listing agent as well as a good buyer's agent no matter what side of the transaction you are on uh that is that is who you're going to count on that's who you're going to depend on and that's who's going to give you advice throughout the transaction so never forget who you work with is important um it's not always about you know uh working with the listing agent because i'm gonna save a couple bucks or whatever it is and people have all kinds of crazy ideas as to how they're gonna cheat the system so to speak but the system is is is designed to protect you as the consumer no matter which side you're on if you're a seller you want a good listing agent if you're a buyer you want a good buyer's agent someone that's going to advise you and often agents you know such as myself i work with both right most agents do work with both but just experience and knowledge it goes a long way you want to have someone that's done many many um transactions because no two transactions are the same i've seen tons and tons of things come up in a deal that completely unexpected and you have to find a work around you and you have to be quick because a lot of these deadlines are time of the essence so make sure you're you know aware of that and again if you're a buyer and you're looking to cancel a contract before closing my number one advice is obviously consult your attorney who's handling your closing consult your agent and review the contract in detail more than likely there's going to be a provision in there but just you know beware that not always you know you could your deposit could be at risk this is something you should be aware of whatever your initial deposit was maybe even your second deposit could be at risk and i've seen buyers completely walk away from deposits because in their circumstance maybe they found a better property and they didn't have a right to cancel but they were willing to sacrifice their deposit and give it to the seller just in order to cancel that contract that's not what most people would do but in naples i've seen some crazy things if you've got enough money and you know maybe your deposit was only a few thousand dollars or ten thousand dollars uh depending on the price of the home you may be willing to walk away from that to avoid uh purchasing that property certainly wouldn't want to put my customer in that position to make that type of decision i would always try to give them some type of out i always look out for my customers interests as if it was me purchasing the property so i pride myself in giving uh the best quality professional advice that i can give as a local broker i love what i do i love my hometown and i love serving my customers here in southwest florida so if you ever have a question regarding breaking a contract getting out of a contract writing a strong contract or you know having all the necessary documents on a list side give me a call on my cell 239-877-3994 thank you