New home - How to safely cancel a contract?

Question

I signed a new home contract (no contingency) and within 3 days requested them to cancel it. They rejected my request and sent an email stating “you MUST move forward”.

After one month I came to know that the lot was sold out.

Do I have to still worry about the contract since I didn’t get any official email regarding the contract cancellation?

Derek Tellier · Answer

@Arjun SujoAre you saying the same property you had under contract is now showing as being sold to someone else?

You're real estate agent, closing company or attorney needs to likely look into this. If you were under contract with no contingencies then there could still be a problem, that being said if you had a solid contract and even if you wanted to back out but they then sold the property to someone else you might have a claim yourself.

Get your contract to an attorney and reach out to the seller to find out the status. Don't ever assume that just because you haven't heard anything that it's "all good".

Ned Carey · Answer

@Arjun Sujo this sounds very fishy.  First most contracts, but not all,  would limit you to only the loss of your deposit. However if they sold it out fro under you without any official cancellation of the contract They probably owe you your deposit back.

Follow @Derek Tellier's advice above.