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Buying land

We are in the midst of buying 20 acres. We signed the contract in June and paid a down payment of $10,000.00. We were not told about a `subject to finances` clause. We now find that we do not have the finances to complete the deal. The deal is to be finalized in ten days time and we do not have the money. Can we be sued? Should we file for bankruptcy when we really don`t yet own it? What steps should we take?

Thanks.

Posted from: British Columbia

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One Response to “Buying land”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

In most situations wehre ther is a ‘subject to financing’ clause there is no risk of being sued. It is this clause that protects you from that. Now the bigger question is whether or not you will receive your down payment back. I believe you would, but this may dependent on the province you live in and more importantly the way the contract was written. You may want to check with your lawyer.