Cold Feet, Can I Cash Out?

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Q: I agreed to buy a one bedroom apartment but now that I started working from home realize I need a second room to use as an office. Can I cancel and if so, how?

I imagine that you hired an attorney to handle the closing on your apartment. You need ask him or her to advise you of your rights, as they vary from state to state. However, I assume you signed a contract, and your rights are probably spelled out clearly in the terms of the agreement that you executed.

You may very well be at peril of losing your down payment, though the sellers may be willing to work with you in the event they can find another buyer, particularly if that buyer is willing to pay a higher price. Just the same, they may have no obligation to return your deposit even in that circumstance, and that is why it is imperative you seek legal counsel to understand your options under both the contract and the law.

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