can you withdrawl a real estate contract prior to closing in North Carolina without penalty?
You can't withdraw from a binding legal agreement ANYWHERE without risking a penalty. You are advised to carefully read all the language contained in the signed contract. Chances are good that you will discover that any earnest money will be forfeited, and you may also expose yourself to lawsuit for either specific performance, damages incurred by the other party, or both.
Hi. Are you working with a Realtor? If you are, then you should let your Realtor know that you need to withdraw. Have you signed off on the home inspection yet? If you haven't, then you have your out without penalty. (Of course, you need to find something wrong!) If you have signed off on the home inspection, have you gone thru the appraisal from the bank yet? In some cases, if a home appraises for less than purchase price, and even with a 20 percent down payment, banks will not finance an over-priced home. Truly, your best bet is to let your Realtor know that you need to withdraw and see if your Realtor can help. If not, pay an attorney who specializes in real estate law, his/her hourly rate, and have the attorney go over the contract and advise you as to how to proceed. Good Luck!
