2006-07-07 04:12:10 · 10 answers · asked by janice m 1 in Business & Finance ➔ Renting & Real Estate
you should consult with an attorney, not yahoo answers!
a seller cannot just "back out" for no reason, and neither can a buyer, without any repercussion, unless there is some valid legal reason, such as loss of title, destruction of home, etc.
check with your realtor, and the attorney. good luck!
2006-07-07 04:45:42 · answer #1 · answered by thetoothfairyiscreepy 4 · 0⤊ 0⤋
Depending on the sales contract, the answer could be yes or now. However, in most cases, unless you actually closed, the seller or buyer can back out. Closing is when you actually get the money to pay for the house, sign the mortgage paperwork, and the deal is "signed, sealed, and delivered." But up to that point, it's up for grabs.
If a seller changes his or he mind within a day or two of closing, which can take anywhere from 30-45 days, then that's pretty nasty. And I'm sure many real estate agents wouldn't want to work with that person again because it's bad for business and shows that the person isn't really serious about selling.
But as far as legalities go, it's most likely perfectly legal.
2006-07-07 12:18:48 · answer #2 · answered by msoexpert 6 · 0⤊ 0⤋
The answer depends on the terms of the Contract of Sale. Typically the Contract of Sale may have something included along these lines:
"Seller’s Inability to Convey Limitation of Liability:
If SELLER is unable to transfer title to PURCHASER in accordance with this contract, SELLER’S sole liability shall be to refund all money paid on account of this contract, plus all charges made for: (i) examining the title; (ii) any appropriate additional searches made in accordance with this contract; and
(iii) survey and survey inspection charges. Upon such refund and payment, this contract shall be considered cancelled, and neither SELLER nor PURCHASER shall have any further rights against the other.
"Changes Must be in Writing:
This contract may not be changed or cancelled except in writing. The contract shall also apply to and bind the distributees, heirs, executors, administrators, successors and assigns of the respective parties. Each of the parties hereby authorize their attorneys to agree in writing to any changes in dates and time periods provided for in this contract.
Therefore, if you are the Seller you should really read what your Contract of Sale says and also be sure to check if there was any type of a Rider that accompanied your Contract which may list more information related to the sale of the home. I would recommend that if you plan to sell a home, you should take all necessary steps to make sure that is what you really want to do. Because if you sign a Contract of Sale and try to make changes after, it is a hassle and not worth anyone's time or money.
If you haven't signed a Contract of Sale, then you can do whatever you want, i.e., change your mind, increase the price, anything (it's still your home).
2006-07-07 11:40:13 · answer #3 · answered by Hate My Job 1 · 0⤊ 0⤋
If the purchase agreement has been signed by both parties, then no. This is a legal contract in which the seller agreed to sell the home to the buyer.
2006-07-07 11:19:23 · answer #4 · answered by KL 5 · 0⤊ 0⤋
That is going to depend on the terms of the contract. Normally just like most paper work in life there is some fine print. He/she may have to word it slightly different than just not wanting to sell but, there probably is some way to get out of the contract. However, if it is a short form then he/she could be tied into the sale. It's really tough for me to say for sure with out seeing the contract.
2006-07-07 11:18:30 · answer #5 · answered by Brandon 2 · 0⤊ 0⤋
If you already signed the Purchase Agreement, just haven't closed, they will probably sue you. You signed the PA, as far as that goes it is a contract that is legal and binding! Start lookin for another house my friend!
2006-07-07 11:16:55 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Depending on the terms of your agreement, he prob cannot back out. Typically it is a contract to sell, and you may have the option to sue for specific performance. But consult your arsenal.
2006-07-07 12:04:48 · answer #7 · answered by Skywalking 3 · 0⤊ 0⤋
Most likely your buyer will sue you if you do not go to closing. In your contract you agreed to the terms of the contract which is LEGALLY BINDING. They can sue you for specific damages as well as for performance. I think you need to contact your attorney immediately.
2006-07-07 16:50:12 · answer #8 · answered by akc1106 4 · 0⤊ 0⤋
Unfortunately, yes. Until Escrow closes the house call "fall out of escrow" for many reasons, and that is one of them.
2006-07-07 11:19:07 · answer #9 · answered by neonate_mistress 2 · 0⤊ 0⤋
Not if I were the realtor, unless you paid me my commission anyway.
2006-07-07 11:16:16 · answer #10 · answered by Nelson_DeVon 7 · 0⤊ 0⤋