Do I have any legal rights to stop a purchase without penaly?

UPDATED: May 18, 2009

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: May 18, 2009Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Do I have any legal rights to stop a purchase without penaly?

I am purchasing a home through FHA, bank owned. The closing date has been delayed three weeks and Im still waiting. The bank keeps coming up with little things that they have forgotten or are waiting for underwritiers, verification, etc., even though every thinkg is set per our realtor. Is there anyway to get my earnest money and repairs invested back. Can I stop the purchase of the home?

Asked on May 18, 2009 under Real Estate Law, Michigan


B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

If you don't already have an attorney for this purchase -- which would surprise me -- you need to get one on board right now.  There are a number of places to look for qualified lawyers, including our website,

In most states, the closing date set in the contract is just an estimate.  Sometimes, it's possible to set a deadline for closing with a letter that makes "time of the essence."  But this is not a letter that you should write for yourself, it has to be worded in a certain way, often, and there are rules about when you can write it, and how short a deadline you can set.

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.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption