QUESTION
If I signed a contract to buy a boat and financing has not got through yet can I back out?
Asked on Feb 05th, 2014 on Litigation - New York
More details to this question:
I noticed some damage on the boat after I signed the contract. Financing is being done through Honda funding and has not yet happened.
7 ANSWERS
Corporate and Business Organizations Attorney serving Columbus, OH
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Arnold & Clifford LLC
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There are some protections in the law for a consumer to exercise their right to withdraw from a contract, but it depends on the facts of the case. I would need to know more.
Answered on Feb 11th, 2014 at 9:38 AM
Bankruptcy Attorney serving Federal Way, WA
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Freeborn Law Offices P.S.
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f the contract is co9ntingent upon financing you can. If not, then you are bound.
Answered on Feb 11th, 2014 at 9:37 AM
Personal Injury Attorney serving Charlotte, NC
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Paul Whitfield and Associates P.A.
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Why don't you read your contract and see what you agreed to do and then do it. if the financing falls thru the deal may be off and you may forfeit any down payment. In any event it is all a matter of contract so read your contract. If you don't understand hire a lawyer to review it for you.
Answered on Feb 11th, 2014 at 9:37 AM
You have to look at the terms of the contract but unless it states that it is subject to your getting financing at at least a certain rate and you can not get it at that rate, you can not back out on the basis that the financing has not yet come through. If it is significant damage, you can try to get out on the basis it is not the boat you were promised. If it is minor damage, you might be able to get a reduction in the sales price but still have to go through with the contract of purchase.
Answered on Feb 11th, 2014 at 9:36 AM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Was the boat sold with a warranty or "As IS." If the former, you might be able to get out. If the latter, probably not. You should have had the opportunity to inspect the boat before the sale. If you didn't, you might clam that they hid the damage from you, but I don't know if that will get you very far.
Answered on Feb 11th, 2014 at 9:35 AM
Estate Planning Attorney serving Nashville, TN
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Strickland Law, PLLC
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It depends upon the terms and conditions of the contract. You should pay an attorney to review the contract and advise.
Answered on Feb 11th, 2014 at 9:35 AM
Chapter 7 Bankruptcy Attorney serving Syracuse, NY
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Andrew T. Velonis, P.C.
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You can try. If you paid a deposit, you may lose it. Go ahead and tell the seller and the finance co that you are backing out. Confirm in writing. If the seller takes you to court, you can defend on the grounds that the boat was defective in the first place.
Answered on Feb 11th, 2014 at 9:34 AM