Question: We are both in our upper sixties and retired. Last October, we put money down on a condominium apartment that is to be completed around September of this year. We put down ten percent of the price in cash and the money is earning a modest amount of interest until settlement. We have some savings, but the balance would be paid in cash from the proceeds of the sale of our present home.
Although we believe the price of the condominium has gone up slightly since we signed the contract, we now have serious thoughts about apartment living and about putting most of our resources into this transaction because of some new and serious health concerns.
Is there any way we can cancel our agreement and not lose the down payment?
Answer: The lawyer in me says that a contract is a legally binding document that must be upheld. The humanitarian in me suggests that, at the very least, you should try to get out of the contract, especially with the...