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socrateaser, Lawyer
Category: Legal
Satisfied Customers: 39026
Experience:  Retired (mostly)
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What happens if you have signed and accepted a counter offer

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What happens if you have signed and accepted a counter offer on the house you are selling, but change your mind about selling it before the inspection has been done. Are you legally bound to sell, or can you back out it due to a change of heart

A seller is bound to perform the contract according to its term from the moment of acceptance/signing. The only way to back out is (1) without the buyer's consent; (2) if the buyer breaches the contract; (3) if a buyer's contingency fails; or (4) if the buyer requests a cancelation.

Many people believe that there is a 3-day right to cancel. This right only applies to home solicitation agreements of personal property (real estate is "real" property.

Please let me know if I can be of further assistance.
Customer: replied 4 years ago.

What does it mean without the buyer's consent?

Whoops! Typographical error. Should have read, "With the buyer's consent."

My apologies.
Customer: replied 4 years ago.

What happens if the professional inspection requires expensive repairs, aka chimney or fireplace repair etc, can we refuse to pay to do them? This is the last question-thank you

You can refuse, and if you do, then the buyer must either take the property, as is, or cancel the deal.

Hope this helps.
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