Expert: Dick Dennis - 7/12/2007

Question

We recently purchased a condo in PA.  The closing date is August 17.  For personal reasons we would like to cancel the sale and have our $10,000 deposit returned.  I don't fully understand the PA Uniform Condo Act and need your assistance.

The condo owners gave us a set of documents provided by the condo association, and then asked for them back.  I don't think that we even signed for the documents.  Also, we never received a certificate of resale or a condo balance sheet (they just provided an operating budget).

Are any of these facts grounds for rescinding our sales agreement and having our deposit returned?

Thank you for your help.


Answer
Are you sure you want to cancel the purchase? If this is your first real estate purchase you may be suffering through "buyer's remorse" which is common with new buyers.

If not, try this: Send or give them an official-looking letter stating that you do not accept the condo documents and therefore, unless they are altered to satisfy us, we hereby cancel our purchase and want the refund of our deposit. If they accept your cancellation, they may say there are costs you may have to pay. That is baloney. Don't accept that. If they give you static on the whole thing, then you will have to go to a REAL ESTATE attorney and tell him/her what you want. A good attorney can always find loopholes to cancel a contract.

I wish you well.

Dick Dennis