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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 26322
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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I have a question about backing out of a real estate contract, i am th

Customer Question

i have a question about backing out of a real estate contract, i am the seller. although we signed a contract the buyer added an adendum to get more time for inspections & asked me to sign it i did not but they moved forward with the inspections & now i do not wish to sell.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.
Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help solve your problem.
Good afternoon. I certainly understand the situation and your concern. Just to be clear, AFTER the contract was signed, the buyer can back and asked you to sign this?
Customer: replied 1 year ago.
yes, a few weeks after we signed they needed more time for due diligence to get inspections completed etc so i said send the form over but we never signed it, they did the inspections etc but the closing date is approaching & we want to kill the deal, wasnt the deal basically dead when their inspection period came & went & we did not sign the extension?
Customer: replied 1 year ago.
hi, are you still here? i sent a response, hopefully you received it :)
Expert:  RealEstateAnswer replied 1 year ago.
Thank you for the additional information. The original terms and conditions in the contract would control. If you would not agree to an extension of time, then they would need to perform in the time stated within the contract. If they failed to do so, they would likely be outside the time frame when they could back out and would need to proceed and close on the home, absent another condition which is not met, through no fault of their own. If they did not inspect the home and perform their due diligence, that would be their own fault. However, they would be expected to close as stated within the contract. Now, if you both want to back out and cancel the deal, you can and they may want to do this if they find a problem or something wrong with the home. Their failure to get the inspection done and perform their due diligence is not required and at their discretion, to protect their interest. It does not mean the deal is dead. Now, if they fail to close, then the deal could be dead.
Please let me know if you have any follow up questions or need any clarification on something which I stated above. Also, remember to rate my service before exiting the site, so I can receive credit for my help. I hope you found it to be Excellent! Only rate my answer when you are 100% satisfied. If you feel the need to click either of the two lower ratings to the left, please stop and reply to me. I want to make sure your experience with the site was as pleasurable as possible and that you are satisfied with the help I provided.
Customer: replied 1 year ago.
i do have more questions. i am the seller, the buyer wants to move forward, we do not. they did the inspections after the due diligence period ended as we did not sign the extension. can i legally kill the deal? the buyers still want the house we DO NOT WANT TO SELL ANY LONGER.
Expert:  RealEstateAnswer replied 1 year ago.
They could still do it but could not have backed out. In order to kill the deal and back out you need a legal basis. If they are ready willing and able to close on the closing date they can buy it
Customer: replied 1 year ago.
well i am able but not willing to close...
Expert:  RealEstateAnswer replied 1 year ago.
If you are not going to close you need to tell them. They would be entitled to their deposit back and could sue you for damages suffered, as listed in the damages clause of the contract