Real Estate deposit
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Real Estate deposit
We signed a contract for a new build condo 3 weeks ago. We have not met with the design center to pick out extras nor has ground been broken. The condo complex doesn’t even have roads at this point. We gave a $5000 deposit and now would like out of the contract. Is there anyway to get out of the contract and get our deposit back.?
Asked on March 18, 2017 under Real Estate Law, Ohio
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
It doesn't matter how early a stage the development generally (e.g. the roads) or your project in particular (not having met with the design center; ground not being broken) is: there is no legal right to get out of a contract because not much as been done yet. You are legally obligated to the contract once you signed it (there is no rescission period, or time period during which you can change your mind) and should you not go through with it or try to break the contract, at a minimum, they can keep your deposit; they may be able to sue you for more as well.
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