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How to cancel buyer's contract on a short sale property in Nevada

Asked over 2 years ago - Chicago, IL

I was pre-approved for a loan in chgo and signed a contract on a short sale home in Nevada. I can not move to Nevada and want to cancel the contract. Do I have to loose my earnest money? What is the procedure to cancel the contract? Is it done by the realtor?

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Attorney answers (1)

Mazyar Malek Hedayat

Reputation Level 12

Answered over 2 years ago. Bankruptcy Attorney in Lockport, IL.

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Your question involves canceling a real estate offer for a Nevada property. The short answer to the quesiton is that the contract itself prescribes how it can be cancelled, when, and by whom. In real estate transactions the contract is paramount - the law fills in any gaps in procedure. Since you've bid on Nevada property here, you will have to apply Nevada law unless the contract allows you to apply the laws of another jurisdiction - which is unlikely.

I hope this information has been helpful. Feel free to contact our office if you have any more specific questions. Good luck in your future endeavors.

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