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ScottyMacEsq, Attorney
Category: Legal
Satisfied Customers: 16334
Experience:  Licensed Texas General Practice Attorney
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I recently put my house up for sale and got an offer. I signed

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I recently put my house up for sale and got an offer. I signed the letter of intend and now I have second thoughts. Am I locked in or what are the repercussion for breaking the contract. It has been 36 hours since I signed.

ScottyMacEsq : Thank you for using JustAnswer. I am researching your issue and will respond shortly.
ScottyMacEsq : Under North Carolina General Statutes § 25-2-716, a buyer can take you to court and attempt to compel "specific performance" (that is, have the court order that you transfer the property to the buyer). This is the situation when the item contracted for is unique (such as real estate, as opposed to something mass produced, like a vehicle). If the buyer breaches, typically the contract allows for liquidated damages (money) because buyers are pretty much interchangeable, and not unique, per se. A court can't compel someone to buy a property. But when a seller breaches a contract, the court can compel the sale to go forward by the doctrine of "specific performance".
ScottyMacEsq : Assuming it's a valid contract (which I would not have any reason to believe that it would not be) you could only get out of it with the consent of the buyers OR if there's a specific exit clause in the contract itself. Note that an offer that you accept by signing is a contract, it's no longer an "offer". Now you could breach this contract, indicating that you're not going to sell it after all.
ScottyMacEsq : There is no "right of rescission" (a time period in which either party can rescind the contract without recourse) in either state or Federal statutes. It's possible that there could be one in your specific contract, but most of the time there is not such a right.
ScottyMacEsq : Ultimately if you breach, the buyer can sue you for breach, and could have the option of liquidated damages (if designated in your contract) or specific performance, to compel you to transfer the property.
ScottyMacEsq : I know this is probably not what you wanted to hear, but it is the law. I hope that clears things up anyway. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX luck to you!
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