I just signed a contract to sell my condo and am having serious second thoughts. I was planning on moving into an apartment but there doesn't seem to be a decent one in the area. I want to cancel the contract and take my place off the market. Thanks for your help.
2007-02-22 09:45:47 · 4 answers · asked by kam 1 in Business & Finance ➔ Renting & Real Estate
You can cancel the sale, but just be aware that you may still be liable for your broker's commission. If you have a contractual agreement with your broker that you'll owe a certain amount if he brings you a qualified and willing buyer, he may hold you to the agreement.
Or he may not. First, review your agreement. Then, have a heart-to-heart talk with your broker.
2007-02-22 10:12:11 · answer #1 · answered by Marko 6 · 0⤊ 0⤋
If the transaction has already been closed, then you have no legal right to renege. There is a three day rescission period, but only for the buyer. If you went into contract with the buyer, and the buyer met his or her end on the purchasing side of the deal, then you run the risk of being sued. If the title company has already closed the deal, and you have already signed the documents releasing ownership of said property to the buyers, then the home is no longer yours to consider not selling. The home is already the buyers. On the other hand, if the purchase has not yet closed, and you do not want to sell it, then you do not have to. Although you still run the risk of being sued, the buyer may simply decide to pursue other interest.
2007-02-22 18:25:40 · answer #2 · answered by Brett M 1 · 0⤊ 0⤋
You may cancel your contract to sell your condo, no one can make you sell your condo.
Just call the real estate agent and have him cancel it.
Now make sure that you don't attempt to sell it because even though you have canceled your contract the agent will still get his commission if you sell the condo a few weeks or so after the cancellation, because the contract was canceled through no fault of his own.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-02-22 18:00:33 · answer #3 · answered by Skip 6 · 0⤊ 0⤋
People get confused, there is no three day right of rescission on a PURCHASE, only on a refi does the owner have three days to decide they do not want to go through with it.
Once a deal closes for a purchase, its final the buyer, nor the seller can go back on the deal.
If you have not closed yet two things may happen. (one almost for sure) The re agent is going to sue you for his commission since the contract says you will pay if he brings you a ready willing and able buyer. (which he has) So count on getting sued for that.
Then the buyer may also sue you for specific performance. Now no judge is going to make you sell your home be prepared to pay a hefty sum to the buyer for his personal anguish you caused by backing out. Did you ever think of their feelings? If you really make them mad, be prepared to have a 2nd law suit on your hands.
Good luck,
RE Agent,
Remax
2007-02-22 23:01:23 · answer #4 · answered by frankie b 5 · 0⤊ 0⤋