As a seller, can I back out of a real estate deal if a contract is not yet signed?

Question

We verbally accepted an offer but are now having second thoughts. The realtors are working on putting the contract together and that has ben sent to my lawyer. They'll likely be a contract date set up this weekl. Will I face any fees or legal problems? Do I need a solid excuse? Thanks!

Answer 1

I think that you are safe until the contract is signed. I doubt they will be happy, but I don't think that they can go after you without it being signed.

You need to get to the realtor BEFORE they give the contract to the potential buyer.

Answer 2

Did you sign a listing agreement or seller customer service agreement with your Realtor? If the answer is yes, then you might be liable to pay the commission owed if you've defaulted on a valid offer. Read clause 2 under commission of your agreement.
What is strange about your question is that you say the lawyer is already being sent a contract and you haven't signed anything.
The way it's supposed to work is that when you accept an offer, you sign the execution and acknowledgment of the signed copy of the agreement of purchase and sale, THEN that goes to your lawyer. It wouldn't go to your lawyer if you didn't sign it.

Answer 3

You can back out of the contract, but you might owe your attorney a fee, and if it was an offer at the full price according to a listing agreement, your realtor's fee is earned as well. Whether or not they enforce that where you are is another matter, but you owe the realtor if it was full price.

Answer 4

You can backout of it but the parties concerned can come after you. The buyers for specific performance (you failing to uphold your end of the deal), and the Realtors for their commission (Realtors are due a comm. if they produce a ready, willing and able buyer. Some Realtors are cool and dont go after this, but they have every right to.) Some buyers may be cool and say ok, and just ask for their earnest back.

Answer 5

With few exceptions, unwritten agreements for the sale or use of Real Estate are unenforceable. In most states, contracts for the sale or rental of real estate are, unless they are in writing, unenforceable under the Statute of Frauds. Verbal leases for up to a year are often acceptable.
Example: Abel agrees to sell property to Baker. Their contract is oral. Abel changes his mind. He faces no Penalty because oral contracts for the sale of real estate are unenforceable. So no excuse should be needed, you should be able to just rescind the offer

Answer 6

You'll have to pay your lawyer for his/her time looking at it, and your realtor may charge you a fee.

But you can back out of it, yes.

If you're sure you want to pull out, let everyone know so they don't waste any more time.

Verbal offers are meaningless in real estate.

Answer 7

You may, it happen all the time as long as the contract not sign you no need to give any reason.only you have to pay is your lawer fee.Because he should not work for you free.For the realtor base on the contract you sign with them when they. put you house on market...They may ask you to pay the commision.

Answer 8

verbal is one thing- written contract is another, When contracts are in writing then it is binding, there will be no reprocutsicions because you have changed your mind is just that you changed your mind about selling. No big deal- don't sweat the small stuff-- you'll be OK.

Answer 9

Contact the real estate department of consumer affairs from your state

Answer 10

Best to bale out now no matter what it costs.