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Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 38916
Experience:  Texas Attorney for 30 years dealing in real estate
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HELP!!!! What are the consequences to terminating a home

Customer Question

HELP!!!! What are the consequences to terminating a home purchase contract after the option period?
I live in Texas and the house needs an upgrade to the electrical panel, GFCI outlets, and possibly some structural work and plumbing. My realtor misinformed me that these repairs were covered under the home warranty and the seller refused to pay for these significant repairs. I don't have the funds for all of these repairs. We're 1.5 weeks away from closing.
My realtor said the seller can sue me even though I haven't signed the mortgage.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ray replied 1 year ago.

Hi and welcome to JA. I am Ray and will be the expert helping you today.

Here are the remedies and your liabilities under standard sales contract in Texas..

15.

DEFAULT:

If Buyer fails to comply with this contract, Buyer will be in default, and Seller may

(a) enforce specific performance, seek such other relief as may be provided by law, or both,

or (b) terminate this contract and receive the earnest money as liquidated damages, thereby

releasing both parties from this contract. If Seller fails to comply with this contract, Seller will

be in default and Buyer may (a) enforce specific performance, seek such other relief as may

be provided by law, or both, or (b) terminate this contract and receive the earnest money,

thereby releasing both parties from this contract.

Here you should offer them the earnest money in order to get them to release any other claims.If they take the earnest money under the contract they waive any other right to pursue you here.That may be the best you can do to resolve this matter here under Texas law.

I appreciate the chance to help you today.Please let me know if you have more follow up.Thanks again.

Expert:  Ray replied 1 year ago.

This is the standard contract that I quote from above.

https://www.trec.state.tx.us/pdf/contracts/20-12.pdf

Customer: replied 1 year ago.
Thank you
Expert:  Ray replied 1 year ago.

You are so welcome.Wish you the best and thanks again.

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