I wrote a non contingent cash contract to purchase a condo in Florida for $185000. I live in Maryland and the seller lives in Tenn. I put down $5000 earnest money with the contract which was accepted by the seller. The deal was handled by the sellers agent who acted as a duel agent.
I have since decided that I would prefer not to go to settlement for several reasons including issues I have with the condo rules after some thought. I would be willing to give up my deposit and treat it as a good lesson if necessary. The contract indicated that the seller may agree to take the deposit as full settlement of any claims for failure of performance of the buyer or may proceed in equity.
The standard Florida contract for sale approved by the Florida BAR and Realtors Association does not appear to have any contingencies however it does include a Condominium Association Disclosure that is part of the contract that indicated the buyer was provided a copy of Condominnium Articles of Incorporation of the Association and Bylaws and Rules of the Association and Year End Financial Report, more than 3 days prior to the execution of the contract. The disclosure indicated the buyer was given the documents described on 11/29/07 which is accurate. The effective date of the contract is only one day later 11/30/07!
My question is do I have a right to get out of the contract because of the technical issue above. If not do you believe the seller would most likely just accept my $5000 deposit and release me or would he most likely go after me for damages and what is the worst that could happen. The home has only been off the market for 10 days at this point. Thanks