ATTORNEY ANSWER:

You may not be able to cancel depending upon the contract language.  If you changed your mind the day after signing it might be wise to reach out to seller with an honest appeal – you might get out of the deal without losing very much. If you walk away on the eve of closing you will likely lose your deposit.

Depending upon what contingencies are in the P&S Agreement you may have the ability to void the contract, but it may not be easy.  You are usually obliged to use diligent efforts to obtain mortgage financing,  there are ways to sabotage that, but you run the risk of losing your deposit if seller finds out.  Brokers won’t be sympathetic either since they don’t get paid – so you can’t get help there.  Best answer is not to sign a P&S Agreement unless you are very sure you want to buy the property.

If you have question regarding the purchase or sale of a condominium, contact the attorneys at WSJ. We serve the Brookline, Massachusetts community including the neighborhoods of Brookline Village, Aspinwall Hill, Chestnut Hill, Cleveland Circle, Coolidge Corner, Longwood medical, and Washington Square.