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If I sign contract to sell my house and change my mind can I get out of it?
9 Answers
- USAFisnumber1Lv 72 years agoFavorite Answer
You can not get out of it just because you changed your mind. You will have to use one of the "outs" in the contract. For example, if they say it needs a new roof and you say it does not and you are not going to do it they most likely will cancel the contract since you will not fix the roof that their inspector said needs fixing.
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- Nuff SedLv 72 years ago
In a comment, you said it was an "investor".
So, they made a contract to purchase, meaning they are legally obligated to complete the purchase unless they execute one of many possible "escape clauses" in the contract. If they refuse, you can sue for damages if not also "specific performance", if no alternative buyers emerge.
A contract can only be interpreted in its entirety. We cannot guess the exact words that were used in the agreement you signed.
- Anonymous2 years ago
As far as specific performance, a court almost never order specific performance for buyers if they back out. Sellers however they sometimes do. Generally though, courts try to settle the issues monetarily. If they request any repairs, simply refuse. They may back out. Depending on the type of loan, refusing certain repairs prevents them from being able to get the loan (i.e. radon mitigation).
The easiest way to do this if you are still in the inspection phase is to not agree to any repairs at all and not allow any change in the price of the offer. Make the buyer exercise their right to terminate.
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- realtor.sailorLv 72 years ago
If it's a contract for sale and purchase you can be sued for specific performance and the buyer would probably prevail. If it's a listing agreement you'll probably have to pay a cancellation fee.
- real estate guyLv 72 years ago
You didn't say who the contract is with. The broker/realtor (listing agreement) or a sales agreement with a buyer?
read your listing agreement. If there are no ratified agreements to sell (this would be a signed contract between the buyer and seller), you should be able to end the listing.
- babyboomer1001Lv 72 years ago
Not within the contract period. You will owe the realtor the commission even if another realtor sells your house. You would owe a commission to both of them, and they won't split one commission. You will have to pay it twice.
Source(s): Certified Paralegal, with 25+ years' experience & with Real Estate law experience. - ?Lv 72 years ago
Read you contract but if you can I doubt that it's without penalty. read your contract. That's the only way to know for sure.
- curtisports2Lv 72 years ago
Not if you didn't include some sort of escape clause. At this point, you hope the buyer needs a mortgage and is not approved. The buyer does not have to let you out of the contract and can sue to force the sale. A judge will order you to complete the sale.