Am I able to void an agreement to purchase property and recoup monies paid, if I lost my job?

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Am I able to void an agreement to purchase property and recoup monies paid, if I lost my job?

2 years ago my significant other and I agreed to purchase a piece of property (less than an acre) from our neighbors. We agreed to purchase this land under the terms of $1000 down and $100 paid monthly until paid in full; total purchase price was $3000. We were able to honor this until I lost my job a year ago. Since becoming unemployed and having our income cut in half, we have been financially in dire straights to the point of almost losing our home. We still owe $500 on this agreement. Can we back out of this agreement and recoup our money?

Asked on August 12, 2011 Kentucky

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Unfortunately you cannot rescind (back out of your agreement) your purchase of the property from your neighbors as a result of loss of your job and not being able to afford making the $100.00 monthly payments where the balance owed is $500.00.

One's inability to make payments on an agreement does not justify its cancellation and the return of all monies paid to date.

If your neighbors wish to rescind the purchase of the parcel by you voluntarily, you and they can reach a whole new agreement in writing "cancelling" the property's purchase and the return of an agreed amount of the money you have paid to date if that is what you and they desire. However, they are not required to do this.

 


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