Posted by Rainbow on September 02, 2005 at 24:04:41:
What I am about to post is only my opinion. (I wouldn’t take legal advice from a physician either!!!)
YES, only if the contract was written YOUR NAME AND/OR ASSIGNS or something similar.
In other words, you don’t need to come here to ask, your contract will tell you.
If the contract doesn’t have an assignability provision, then you are supposed to close or be in default.
If you really don’t want the house, it is possble that the current owner (builder?) would not mind you backing down if he can sell it for 40K more.
But the truth of the matter is that you entered into a purchase agreement and now you must perform unless you have some sort of escape clause or some other way to assign the contract.
Now, can you explain why you can no longer close on the property?