Q: I signed a Standard Agreement for the Sale of Real Estate and closing is scheduled for 7/26. I suffer from major depression and I was also withdrawing from a prescription from my doctor. I do not believe I was of sound mind and capable of making the decision at the time. Can I void the sale and cancel the closing? What are the potential consequences if I do this? (Pittsburgh, PA)
A: Your stated reason for rescinding the sales agreement will likely not be valid and I therefore would not disclose this to anyone. The answer lies within the language of the sales agreement. The damages against you may be limited to the security deposit. If so, the seller therefore cannot seek consequential damages. Read the paragraph which addresses damages. I am not sure which version of the sales agreement you have but it may be paragraph 22. If your damages are not limited by the wording of the agreement, I would pay an attorney to examine language of the agreement pertaining to inspections and other conditions precedent to acceptance of the property. If you have not already had an inspection performed, a building inspector may be very helpful to you. Follow the advice of your attorney.