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Marsha411JD, Lawyer
Category: Real Estate Law
Satisfied Customers: 20401
Experience:  Licensed Attorney with 29 yrs. experience with Real Estate
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I am in a transaction. I am the Seller. The Buyer performs

Customer Question

I am in a transaction. I am the Seller. The Buyer performs but I want to back up from the transaction. I have family that want to move in my property for sale and I do not want to sale anymore because I want to locate my Mather their. I will pay their inspection. Is there any way I can back up without getting legal consequiences.
Please send me email [email protected] or call me at (XXX) XXX-XXXX
Submitted: 4 years ago.
Category: Real Estate Law
Expert:  Marsha411JD replied 4 years ago.

Thank you for the information and your question. Assuming that you have a contract that was written properly and the buyer has not failed to meet their burden under the contract, then if you cancel the contract now, you would be considered to be in breach. That means that the buyer has a couple of options. One is to sue for specific performance, meaning they try to get a court to order you to go through with the sale. That doesn't happen too often, but it can. They could, instead, file suit for damages, which could range from what they lost in applying for loans, inspections, appraisals, and any other costs directly related to the process of completing the contract. Under both scenarios, they could ask the court to order that you pay their attorney's fees and court costs.

So, as you can see, this is pretty serious. That said, if you have a Realtor that you are working with, you might talk them them about the issue and see if there is some deal you can work out between you and the buyer. However, you have another problem, and that is the Realtor/s. If they brought you a buyer that was reading, willing and able to buy and you breach the contract, they could sue you for their share of the realtor's fees. That can be a pretty sizable amount.

Please let me know if you need any clarification. I would be glad to assist you further if I can.