I had an interesting question over the weekend. A man made an offer on a vacant piece of property that is for sale by owner. The offer was accepted and is now a valid contract. The buyer is now aware that the property is in a flood zone and requires additional insurance. His question is "Can I get out of this contract and get my deposit back?" Quite simply, yes there are ways of voiding a contract if either party does not meet certain conditions. A big issue arises though since the contract is not a standard Louisiana real estate contract and neither party is being represented by an agent. I haven't seen the contract yet but here are a few of my questions. Was an inspection period requested and for how long? Was there any disclosure made of the property? Where conditions in the contract for the return of the deposit in the case of default by either party? Using a licensed agent is critical to protect your best interest when buying real estate. Do you have question about buying or selling property? Drop me a note or call me at 985-788-5665.
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