How Can I Get Out Of An Agreement Of Sale After I Signed It And Have Not Made Any Deposit

Dated: 08/24/2016

Views: 84

Q: How can I get out of an agreement of sale after I signed it and have not made any deposit?


A: Tommy BoyKeckner - for a contract to be binding you need 2 things to happen:

  1. A "meeting of the minds" - requires both parties to agree to terms and sign

  2. An exchange of something valuable - typically money


In the absence of both of these items a contract has not occurred. If you have not made a deposit, there is no binding contract. 


You should speak with an attorney, quite truthfully. If the seller wanted to, they could attempt to pursue legally that you acted in bad faith. However, the fact remains that it is the seller's responsibility to obtain a deposit from you to secure the contract.


Good Luck!

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