1,052,211
I'm assuming you mean to void the contract. This Q may best be posed to an attorney, but laws change all the time, and contracts are binding according to the laws in place at the time they were executed. Having said that, you can get out of a contract pretty much anytime you want if you're willing to accept the consequences.
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Tony and Suzanne Marri...
Scottsdale, AZ
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Mary Yonkers
Erie, PA
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Debe Maxwell, CRS
Charlotte, NC
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Lyn Sims
Schaumburg, IL
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Nina Hollander, Broker
Charlotte, NC
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Barbara Todaro
Franklin, MA
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Kathleen Daniels, Prob...
San Jose, CA
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Joseph Domino 480-390-...
Scottsdale, AZ
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Carol Williams
Wenatchee, WA
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Gary Frimann, CRS, GRI...
Gilroy, CA
5,583,278
I think Candice A. Donofrio gave you the bottom line on that question with her last statement....
"you can get out of a contract pretty much anytime you want if you're willing to accept the consequences."
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Mary Yonkers
Erie, PA
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
3,345,091
I have not. I doubt that would be a reason to back out of a purchase agreement ... most especially in our market when home prices are high and affordability is there.
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Mary Yonkers
Erie, PA
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Gary Frimann, CRS, GRI...
Gilroy, CA
711,852
Any contingency can be written into a purchase agreement and as long as all parties agree to it, a contract written which incorporates a contingency on the tax law can be valid.
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Mary Yonkers
Erie, PA
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Gary Frimann, CRS, GRI...
Gilroy, CA
2,684,009
Hi, Gary
Any contract can be broken, but unless that is a contingency, you may need another reason. See an attorney for legal advice, etc.
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Mary Yonkers
Erie, PA
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Gary Frimann, CRS, GRI...
Gilroy, CA
900,128
I doubt the law would define this event as "force majeure" that would entitle one to void a contract. Check your "material change" clause and prove that the tax law would indeed constitute material change.
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Mary Yonkers
Erie, PA
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Debe Maxwell, CRS
Charlotte, NC
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Lyn Sims
Schaumburg, IL
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Gary Frimann, CRS, GRI...
Gilroy, CA
1,844,291
I'm sure there will be some bonehead that will use the excuse. I agree with you as it not really being one. If you expected a certain tax return & then it isn't there ... well?
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Mary Yonkers
Erie, PA
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Debe Maxwell, CRS
Charlotte, NC
1,525,616
I like the answer provided by Ken Jones, ASA, SCGREA.
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Mary Yonkers
Erie, PA
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Debe Maxwell, CRS
Charlotte, NC
5,104,931
This is a question that needs to be answered by an attorney.
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Mary Yonkers
Erie, PA
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Lyn Sims
Schaumburg, IL
7,836,134
Follow the terms of the contract.
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Mary Yonkers
Erie, PA
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Gary Frimann, CRS, GRI...
Gilroy, CA
-
Debe Maxwell, CRS
Charlotte, NC
5,049,058
I think that a question for an attorney, and would liekly also depend where in the process you are. And there may be financial or other consequences.
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Mary Yonkers
Erie, PA
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Gary Frimann, CRS, GRI...
Gilroy, CA
-
Debe Maxwell, CRS
Charlotte, NC
2,182,502
Hopefully it will be minimumal !
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Mary Yonkers
Erie, PA
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Debe Maxwell, CRS
Charlotte, NC
2,178,553
I think you mean "void" and not "avoid"?
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Mary Yonkers
Erie, PA
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Debe Maxwell, CRS
Charlotte, NC
1,598,452
No idea.
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Valeria Mola
Sunny Isles Beach, FL
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Evelina Tsigelnitskaya
Sunny Isles Beach, FL
2,071,025
No idea...
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Valeria Mola
Sunny Isles Beach, FL
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Evelina Tsigelnitskaya
Sunny Isles Beach, FL
4,319,419
I do not think one can do that, Gary Frimann.
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Mary Yonkers
Erie, PA
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Praful Thakkar
Andover, MA
6,393,179
Sometimes voiding a contract is as easy as making it no longer acceptable to the lender.
Check with your attny and your lender and they will have a better idea as to the status of the deal.
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Mary Yonkers
Erie, PA
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Bob Crane
Stevens Point, WI
3,988,007
What I know about contract law is that they are binding unless misrepresentation or fraud or a contingency of sale is present. Then it is voidable by the injured party or the one with the contingency.
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Mary Yonkers
Erie, PA
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Gary Frimann, CRS, GRI...
Gilroy, CA
509,449
I would consult an attorney.
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Mary Yonkers
Erie, PA
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Gary Frimann, CRS, GRI...
Gilroy, CA
5,229,945
I would ask an attorney in your state.
One thing to consider that is often overlooked (and not what the media wants us to realize) - Say you currently deduct $20K in property taxes and next year, you'll only be able to deduct $10K. IT'S NOT THE $10K that the new tax bill is going to cost you; it's the rate of taxes that you pay.
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Mary Yonkers
Erie, PA
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Gary Frimann, CRS, GRI...
Gilroy, CA
2,781,173
Contract law plays by its own rules. It has nothing to do with current Tax etc
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Mary Yonkers
Erie, PA
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Gary Frimann, CRS, GRI...
Gilroy, CA
1,502,998
I'm not aware of the new tax laws harming any sales out here. Changes in tax law would not get you your EMD back though, if you cancelled for that.
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Mary Yonkers
Erie, PA
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Gary Frimann, CRS, GRI...
Gilroy, CA
1,712,676
Probably not but to paraphrase Paul Simon, there must be 50 ways to leave a contract.
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Mary Yonkers
Erie, PA
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Gary Frimann, CRS, GRI...
Gilroy, CA
4,882,355
I have no idea
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Mary Yonkers
Erie, PA
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Gary Frimann, CRS, GRI...
Gilroy, CA
1,556,633
I agree with all the comments. I was just wondering if basically if anybody had a transaction go south because of the new tax law... I could possibly see somebody who was going to take out a $1M mortgage (now limited to $750K) or getting their property tax partially taxed as it is over the $10K limit. I was also kind of wondering if loan underwriters have factored that in, and has anybody had a sure thing loan go south. Thanks for your answers!
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Mary Yonkers
Erie, PA
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Debe Maxwell, CRS
Charlotte, NC
4,434,127
231,224
actually, a loan can and will be denied on some future tax returns/ net income because of the states that now you have a 10k max deduction. so yes.
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Mary Yonkers
Erie, PA
3,986,258
Depending on some state laws and how the contrac is written.
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Mary Yonkers
Erie, PA
5,868,482
117,135
Maybe if the taxes will exceed the $10K mark on a personal property and they are still within the contingency period, they could back out sayingt hey wont be able to deduct all the property taxes.
For investment proeprties, I dont see much of a change that would affect anything.
3,071,489
716,049
I'm unsure what you are asking... or don't quite understand your question.
4,800,082
921,504
Not in my wheelhouse.
I do like the distinction made between 'voiding' and 'avoiding.'
Sounds like the best legal firm AND deepest pockets will prevail.
3,416,038
A contract is a contract and unless there is a clause it can be voided due the tax law, most likely it can not. Now the tax law will benefit far more than it will make pay more. The way it has been shown is those with the mansions wil pay more. Isn't that what the left wanted?
1,231,853