As a buyer can I get out of a real estate contract?

UPDATED: Oct 1, 2022

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As a buyer can I get out of a real estate contract?

I signed a purchase contract for a
property on Jan 17th for a new
construction homes to be finished late
April. I contacted builder on the 26th
notifying them my circumstances have
changed and I can no longer wait until
April. Builder sent me signed contract
on the 27th dated for the 21st saying I
cannot back out? What can I do?

Asked on January 27, 2019 under Real Estate Law, Illinois


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

You cannot get out of a contract because your circumstances changed. The entire point of a contract is to obligate people despite changes in their circumstances. You can only get out of a contract if:
1) There is some early termination or cancellation clause in the contract and you comply with its terms.
2) The other side breaches or violates some material or key/important term of the contract.
3) The other side committed fraud--lied about something important to get you to enter into the contract. 
Other than the above, you cannot back out, unfortunately.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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